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First of all I want to be able to easily convert .WAV into FLAC (or other open formats) and vice versa. It would be nice if the software wold convert more than one song at a time (I have used dbpoweramp in the past and it converted one per core on my CPU).

Secondly, I want a software tool that will auto tag my music. For instance I can see the artist/song/album/cover at, in WMP or iTunes, but the moment I play it through Foobar2000 it may not display any information whatsoever.

So maybe there is a piece of software that does both or two that are good individually for converting and tagging respectively. Either way I want the software to be extremely reliable. Nothing more annoying than having hiccups in a converted song or improper labeling of a song.