So I had a .flac file (lossless, and therefore very large) audio file. Apple iTunes wouldn’t touch the thing with a bargepole. Needed to convert into something it could read and then transfer to my shiny new 3rd Gen iPod Nano.
Mother Google had a macrumors.com thread listed discussing this very thing. Couple of people mentioned Max from sbooth.org. Downloaded the Universal binary, set it up to export to the first MPEG-4 listed with High quality at 256kbits/sec. Converted the file in less than 30 seconds (2.4Ghz Macbook Pro) and the result was happily imported into iTunes.
Best bit? Max converts to/from many, many formats, and is completely free (GPL)!