I have said codec and its great, sq wise. I still use lossless, because I want archival quality, and hard drives are plenty affordable now. I'd like to have 128bit mp3 duplicates of everything, but the codec basically loses the tagging of lossless files or waves, and adds "!!" to all the titles. It ends up taking a lot of time. I also dont feel like converting 30,000+ files .
I believe the codec was temporarily made available in 'vegas'
I've recently switched from E.A.C. to dbPoweramp, because it offers all the same anal retentive security stuff, with a little more ease of use, at least when going to ALAC on a PC. It does not appear to be able to do disc images though, so I still use E.A.C. for those.