This script converts the files of the selected tracks in iTunes using an encoder of your choice on-the-fly (restoring your Preferences-set encoder afterwards). The newly converted files are then moved to a new location of your choice, and their tracks removed from iTunes.
Also see M3Unify, an application that provides many more options for converting/exporting files from iTunes.
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Batch-change the Album Rating for the albums of selected tracks
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Open the iTunes Media folder in the Finder
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Change the iTunes "done" chime to a System sound, no sound, or your choice of an AIFF sound file
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Locates pairs of track entries pointing to the same file
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Search for lyric sites with Google using info from the current or selected track
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Make a text file listing Albums that have some/no tracks with artwork