As a front end for all my ripping & encoding I am using Audiograbber - so how I do it will be different to how you do it. Advantage of using Audiograbber is the ID3 tags are manitained, not sure how EAC handles this if at all...maybe SE_Sport_Driver can fill in that info.

Oh....sorry...just downloaded EAC....it seems to be a lot more userfriendly then the last time I looked at it....let me play with it for a sec.
Okay....installed EAC 0.9 beta 3, letting it select default settings...on the left are four buttons select the one that says WAV.....after you've ripped your CD to WAV either hit goto Tools->Compress WAVs (shortcut is Alt+V) and select the WAVs you want to encode or just drag and drop them in. YMMV

I was unable to get it to add the ID3 tags - but this was probably user error.
The down side to Rip now - Encode later is you need alot more hard disk space, but the pay off of converting alot more CDs to MP3 makes it worth while.

Hope this helps.