I've never tried it, being in the UK, but I always figured the "easiest" way would be to play the AAC back through your audio inputs as a WAV and then encode, trim and tag as needed.

I'd be very suprised if the AAC copied to the CD didn't sound good enough to just hook your CD player/iPod/another computer to the audio input of another. Maybe I'm spoilt by having access to a nice array of audio kit and maybe I'm completely oversimplifying the problem....?

Phil