Importing music from CDs in iTunes!
One default setting that I change very quickly in iTunes is the "Import Settings...". Hard drive space is so cheap nowadays that there is just no reason to encode music at 128 kbps anymore. There is a preset that you can switch to so that future CDs that you import in iTunes are encoded at 256 kbps. The Custom settings will let you go up to 320 kbps. The Import Settings are in the General Settings.