I'm super-lazy and just use either Windows Media Player
This. 192Kbps, filename format "TrackNumber SongTitle.mp3", and I let it just create the "artist" folder and then within it the "album name" folder, which I don't like but oh well, after the rip I just cut-and-paste move the contents from the "child" folder up one level to the "parent" folder, and rename it (the "parent" aka "artist" folder) to "Artist - AlbumName" (and delete the "child"). For example, after a quick moving of the folder-within-the-folder contents up, I would rename "Depeche Mode" to "Depeche Mode - Violator" and delete "Violator"
Sure it's a kinda manual process, but then again I only rip 2 or 3 CDs in one session every few months. I kinda like how the filename is like "06 Enjoy the Silence.mp3" so when I am mixing it up or using a playlist I can see the track # for reference in the filename.
Also I find over 192Kbps is not noticeably better, and the filesize (around 70-90 MB) per CD is not excessive.
PS: I admit, it's shameful that my laziness results in me not taking advantage of likely better and cleaner solutions, instead I'm relying on the Microsoft bloatware, but that's pretty much all that I use WMP for, lol.