Memory is fuzzy right now, but on a 2x2.0 G5, superdrive, ripping at 160 AAC I'm pretty sure I see around 30x or so, and I believe the maximum I've ever seen direct from CD is 44x. Always with error correction on--the small amount of time saved (maybe--depends on where the bottleneck is) isn't nearly worth the chance of running across a dropout or distortion and having to go back and re-rip.
Interesting related story: I picked up some used rental CDs in Japan last month (yes, they have rental CDs there--you would to if a new disc cost over $30), and the package claims that they're copy protected (by the RIAJ, evil twin to the US's RIAA) and will only play on a CD player and PC, and can only be copied to a MD--it specifically said Macs wouldn't even play the discs.
Well, I pop them into iTunes and click rip to find that iTunes apparently interprets the protection as a damaged CD and just ripped them slower (about 14-18x). The resulting files, however, are perfect--chalk one up to the failure of technology to prevent fair use.
I did once have a badly mastered (not physically damaged) disc that iTunes REALLY didn't like, though--I ended up copying the song using the finder and a different drive to get a cleaner version.