From Doug's AppleScripts:
Automate the process of ripping and then encoding iTunes CD tracks as MPEG-4 audio files using QuickTime 6.x Pro. You paid for QuickTime Pro features'but iTunes 4 won't let you use them all. Make Mine MPEG-4 will! iTunes 4 does enable you to rip CD tracks as AAC files using QuickTime Pro, but doesn't give you any options to change Audio Quality, Streaming and Compatibility settings. With MMM4, you can rip iTunes CD tracks as MPEG-4/AAC files (.m4a, .mp4, or .mov) while taking full advantage of QuickTime Pro's export settings.