That is an intresting question! I would agree with ~*McoreD*~ on that one it is currently the best not all that easy to use but the most recomended for quality and also a good compresor i personally use Windown Media 9 cos it is easy and fast to use...but there r many to look out for.....i will get back to u in a day or to with proven results......
I still use Exact Audio Copy with LAME for VBR MP3 with a median of 192K because there are still so many MP3 devices like my MP3 player that don't support windows media format.
As for cataloging, I use WMP9. Itunes is cool, but I like how Media Player automatically downloads album art and sets the folder properties to show the artwork. It makes it easier to quickly spot a specific folder on my drive.