This is what I do. I'm not an expert so don't hold me to this, but I hope someone finds it useful.
Preferences:
Output format: FLAC
I left all the defaults, including compression level to "Normal". I think I left everything else at default values.
Load CD, then:
File -> Open Audio CD
Once loaded:
Get Metadata - I look at the options that come up, often trying several of them. Usually at least one of them is good.
Edit Metadata - if the metadata is not to my liking or if it didn't come up with anything, I will edit it. This can be tedious but I don't have to do it very often.
Cover art - if it is not to my liking or if it didn't come up with anything, I will search the web for cover art (usually Allmusic or Amazon), download it and drag and drop it to the cover art area. This is a nice feature.
Extract - choose the folder to extract to. I organize the folders by artist, then subfolders for each album.
Finally, check the log for errors, and you're done.
