This applet lets you import tracks from a CD using iTunes, but allows you to do so without having to change your preferences in iTunes. So if you normally rip MP3s you can use this script to import as WAV (or AIFF) files. Conveniently, Rip A Few My Way also creates a playlist of the just imported tracks, which you can then use to burn an original quality CD.
Doug recently posted a new script Quick Convert which you can then use to convert your WAVs to MP3s, eliminating the need to delete the WAV files and re-import the tracks as MP3s after you’ve finished burning the CD.
Its still a number of steps, and not as efficient as a simple disc copy would be (if that worked), but its the best solution I’ve found.
Do you have a better way to copy audio CDs? Let us know about it.