Save Imported CDs to New Location
This hint at Mac OS X Hints points out that holding down the Option key while loading a CD (if "On CD Insert" is set to "Import CD" or "Import CD and Eject") or when clicking the "Import CD" button will allow you to choose a destination to save the ripped CD tracks to other than your default iTunes Music folder (set in Preferences > Advanced > General). Even if you have "Copy files to iTunes Music folder when adding to library" checked iTunes will ignore that setting and "know" that the imported tracks' files are in your selected location. Could be handy!