[OSX-Users] downgrading sound quality?

[Neil Broderick]

Hi,
Currenly I import CDs using Apple Lossless compression to my mac to  
add to my iTunes library. However I would
like to export these to my iphone/ipod using lossy compression since  
the lack of quality is not particularly noticable using
the crappy ear-phones and it would be made up for by getting  
considerable more songs onto my iphone (by a factor of 10
or more).

Clearly there is the time consuming solution of importing everything  
twice which I would like to avoid. But if there is a simpler
solution that somebody can tell me would be great.

cheers,
Neil