iRecordMusic supports use of the excellent Lame MP3 encoder, giving you the choice between the iTunes MP3 encoder, and the open-source community's encoder.

LAME is an LGPL MP3 encoder. The Open source development model allowed to improve its quality and speed since 1999. It is now an highly evolved MP3 encoder, with quality and speed able to rival state of the art commercial encoders.

More information about the LAME project, its license and its source code can be found at http://lame.sourceforge.net.