Hey applemaisie!
I spend a lot of time importing my vinyl LP's and what format you choose depends on what you are interested in hearing. The .aiff is an uncompressed format, so the files will be very large and is why there isn't much more than a single album on a CD. Unless you have some real need to keep the CD files in the original format, .aiff's (which are the CD file format) are a waste of space on your system.
When you go to import your music into iTunes, you can set the encoder to some different formats. The default for iTunes right now is AAC, which plays on iPhones, iPads and iPods - of course, as it's Apple's format - but if you get a Sony digital Walkman or any other kind of portable player that takes files, you'll want them to be in the non-proprietary .mp3 format.
Since you're asking on the .aiffs, I'll assume you want to go the highest quality setting on the .mp3's - at this rate they end up about 1/4th the size of the CD files. The thing is, this bitrate will give you more than enough to listen to, you'll be hard pressed - if you're over 30 - to tell the difference between the .mp3 and an .aiff..
You can set that in the iTunes preferences in the General, go down to the 'When you insert a CD:' and set that radio button to 'Ask to import CD' then over to the Import Settings..
A popup will.. pop up.
I suggest Import Using the .mp3 encoder (as it's a universal format for any digital player)
Put the 'Setting:' to custom and a second popup will appear.
Top to bottom in that window, set
Stereo Bit Rate: 320 kbs
Tick the Variable Bit Rate Encoding box - (this will give you higher bitrate playback in parts of a song with lots of complex, different sounds, and less when the music goes softer or to fewer instruments or voices - the varation of data bitrate in a song can be 480kbps at the high end to 320kbps at the low)
Quality: Highest
Sample Rate: 44.100kHz (this is the sample rate of ALL music CD's that bear the square music CD logo so there's no reason to use the higher rate - the data just is not there)
Channels: Stereo
Stereo Mode: Joint Stereo (this makes it so that if one channel - the left or the right - has a data corruption, you have it's duplicate on the other side so you don't lose stereo)
Tick the smart Encoding Adjustments and Filter Frequencies Below 10 Hz.
Click on the Okay button to set those, and of course, always tick the
Use Error Correction when reading Audio CD's box on that first popup, as that can get those pesky skips and pops from old CD's to go away..
The songs from the itunes music store will not be adjusted by these settings - so you get what they sell you there - last time I checked, I think they were AAC 160kbps, though they may have higher, better sounding rates now.
Cheers!
Deb.