A very interesting software project at SourceForge came to my attention today called PlayFair. Legal issues aside, this program works as advertised. However, the resulting file seems to go from 128kbps bitrate to 127kbps.
I wouldn’t go crazy and start converting all the songs you bought at the iTunes store. The interface is raw and no GUI wrapper program has been created. If you are interested in reading more about the legal issues that have been raised, I’ve posted the following link.