Hi Denis,
Looking into the Error Correction thing a bit more, I think you are correct. It may be that error correction on adds little time to the import. I assumed that iTunes imported CDs using the normal built in audio correction and that turning on "Error Correction" was an Apple additional error correction added to the import process. Now that I look into it further, it MAY (no official statement by Apple I could find) be that when iTunes imports an audio CD, it does not use the audio CDs built in error correction codes if that option is off. A different scenario that what I was assuming.
I will have to test it later and see what speed difference it makes when importing with or without it. As I said, I have imported hundreds of CDs and never had any glitches yet. Perhaps more luck than anything. If error correction turned on doesn't slow down the import much, I may have to change my mind and turn it on for all future imports.
Cheers,
Patrick