When I switched to OSX I was surprised to find that the “just works” system had no support for Ogg or FLAC. I also missed the simplicity and power of programs such as CDEx and MusikCube. I have had a look at all kinds of replacements but recently I was delighted to find a two programs that fill exactly the same niche on OSX. Max is a ripping program with a more elaborate interface than CDEx, this makes simple ripping a little more involved but it is possible to set up different encoding outputs for each rip so that once the track has been ripped it can then be encoded to different formats. You could produce a lossless FLAC version and a radio quality MP3 version for a small flash player. I haven’t been able to produce different encoding settings for the same output format and I am not sure that is supported.
Of course having encoded the music you also need something to play it on and finding a decent player on OSX is hard due to the smothering presence of iTunes. Cog is a player with a lot of features and decent format support that has a clean and simple interface. It is now my player of choice on the Mac and I would highly recommend it.