Shimminator, could be you have more than one question there, maybe not. Essentially though there are two operations when you are ripping a CD. One is the process of extracting the audio from the disc - that's the ripping part, and one is the process of encoding it to the file format you wish to store. Typically encoding also includes the addition of tags.
iTunes has weaknesses for me on both.
Ripping:
a) dbPoweramp uses a published, extremely robust, error correction approach. Apple don't, at least AFAIK, publish details of how they approach error correction and I doubt it offers the rigour of dbPoweramp
b) dbPoweramp allows for independent verification of rip quality using AccurateRip.
Encoding/Tagging:
a) I like to encode to FLAC, iTunes does not support this
b) I find the tagging options offered by dbPoweramp much superior to iTunes
c) dbPoweramp offers additional features, such as Replaygain tagging, through the use of DSP effects plugins which again iTunes does not support
d) Encoding simultaneously to multiple file formats is easy to achieve in dbPoweramp. AFAIK you can't do it in iTunes
All that said, if all you want is straightforward ripping/encoding to a single lossless format and you are not an obsessive (is there such a thing on these forums) then iTunes with error correction on and encoding to Apple Lossless files will give you decent results.
Have a good plan, Execute it violently, Do it today.
FLAC: One codec to rule them all.