How to import a song at high quality into iTunes using just iTunes.
3. Select 320kbps. Sample rate can be auto or 44.1 VBR doesn’t matter really. The file may be smaller if you use VBR.
Click OK and import a CD as usual.
[Note: These shots were taken in 2008, I now suggest you use Apple Lossless Encoder instead of AAC. Just select Apple Lossless instead of AAC]
If you are low on space pick out some of your least favourite CD’s and encode them at a lower quality!
Relates articles: Importing into iTunes using LAME.
I just found this fantastic article by Marc Heijligers on compression and although now very old, it would backup that LOSSLESS IS BEST, or at least 320kbps if you must use compression.