Does what it says - great price.

Updated my comments for version 2.1.5:

For $5 works great! Drag and drop files and batch processing. Even drops in iTunes automatically.

Does not appear to use more than one processing core, so could probably be implementated better to fully use multiple cores (would be much faster), but is still versatile, cheap and effective. Still worth every $.

Mr_Scatman about iAudioConverter