"Create AIFF version"...WHERE?

I've been right-clicking songs like I used to, the option used to be "convert to AIFF" and it would put an AIFF file in the same folder. Now with iTunes 8 the option is "Create AIFF version" and I do it, the little orange animated icons go, then...no aiff file can be found in the folder, even when I do a search for the song name; only the original files come up.