There's nothing more to add to the other responses, but I'd recommend you not to use iTunes for your ripping, but
XLD on OS X and if you're on Windows
EAC!
Both apps are free and much more powerful in terms of error correction!
Furthermore, you could for example keep the CUE files, which make it much easier to recreate the timing of the original CD.
Also, don't worry when converting from one to another lossless audio format, because there never happens a quality loss!