Digitizing LPs
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.
The weakness will nearly always be at the source-end. The cheap, all-in-one USB units often seem to feature some generic three-speed, plastic, semi-automatic turntable with a ceramic cartridge. These really aren't going to give you good results. If you haven't got a turntable and you're serious about wanting to digitise your vinyl with a low box-count but decent fidelity, hunt down something like a second hand Project Debut USB. They're still made new, but you might find the £270-£300 asking-price a bit rich if you only want to rip a dozen LPs, plus second hand ones will have little-to-no depreciation if you don't want to keep it afterwards.
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I've also been looking into this recently but I wonder about the quality of the finished product. A lot of my favourie LP's have been digitally remastered and re-released. For example, there is a very noticeable improvement in sound quality in the remastered version of U2's Achtung Baby compared to the original released in 1987 both on CD and Vinyl. Regardless of how good the copying software might be there is always the issue of original sound quality.
I understand of course that many original LP's will never be remmastered or even released on CD for that matter, perhaps this is where this software might come in useful.
Having said that I am now in the market for a decent ( non USB) turntable not only to play my old LP's for the sake of nostalgia but becase I want to start buying new albums on vinyl again.
A O'Brien