I have quite a few LPs that I really like but I can't listen to on my iPod.
Because I received a few iTunes Store vouchers and I don't want to buy any lossy files I decided to buy some software for my Mac to digitize LPs, VinylStudio. I have used other software in the past but it was always cumbersome, especially the editing and titling. VinylStudio is a great help. I have also recorded some old albums for friends that no longer have a record player. Since I don't have a record cleaner (yet) I decided to try the pop and crack filters of VinylStudio. I'm quite impressed.
I decided to record in Apple Lossless because for me that's the perfect compromise between file size and quality.
I run an RCA from my stereo receiver's Tape Out to a Griffin iMic which is connected to the USB port of my Mac.
Anyway, I can really recommend VinylStudio. It's available for both Mac and Windows.