Have you looked at Media Jukebox? You can rip+encode in many
different formats, including some that are lossless. Plus it will
automatically download cover art, and there are auto-ripping
capabilities where you just keep feeding the audio cd's with no
interaction needed except to push the cd eject button. And check out
the mini-me gui under View mini-me for a simplified interface
(otherwise because it is very powerful and flexible it can be
intimidating to a beginner/novice, but at my mid-advance level I love
it ... There is a free version to try.

http://www.musicex.com/mediacenter/