I have been using this feature to create AAC files (M4A) renaming them to M4R to make Ringtones for the iPhone. With Apple’s newest (still bloated) version of iTunes they have removed this feature. It really pisses me off when companies remove functionality which was there for so long and which was very very useful.
Does anyone know of a way to convert MP3s to AAC (preferably for free)? I would like to keep on making ringtones for the iPhone.