you don\'t need to convert mp3 m4a wav aiff yadda yadda to get them on your ipod... if you download the flac files then you\'ll have to convert that into something else.
As far as videos... using itunes\' built-in converter is probably the best bet if you\'re not sure what you\'re doing. If you\'re converting a video that\'s already compressed though(wmv, divx, yadda), it certainly won\'t get any better. will probably just get worse or be the same and then have a bigger filesize for no reason.