How to preserve tags with CD-to-Wave?

I thought Wave files didn't have tags, so I was pleased to see the option "Preserve ID Tags" in the dMC Wave converter ("Wow, that Spoon is a smart guy!").

However, it doesn't seem to work, or I am doing wrong. After converting to Wave and then later to MP3 or Ogg, there are no tags. This is what I expected, of course, so I wonder if that option should be disabled and greyed out, just like "Delete Source File(s) After Conversion" when ripping from CD.

This leads to my question: how to rip and encode a lot of CDs without having to sit and babysit the process all day. Does anyone have a good strategy? I had hoped to be able to rip a lot of CDs to wave, and then have the encoder run all night. However, without tags, this is too much of a pain, and the encoding process is so slow it's just taking days and days and days just to get my CD collection converted to MP3!

Convert to Monkeys Audio - it is like a Wave file with Tags and encodes super quick.

LOL! That's the same conclusion I came up with! (GMTA)

I'm experimenting with it now, but my only concern is having enough disk space for my collection.