According to Spoon, the author of dbPowerAMP Music Converter, he's working on codec to convert to and from Apple's new lossless codec. I think this is great because I'll be able to use Sveta to convert my APE files on the fly as I copy them to the iPod but keep them in a format that I can still play in Winamp while they're on my computer. You can take a look at the original thread here: Apple Lossless Encoder
I'm sorry, I must not have been clear in my original post. Here's what I want. I already have a rather large collection of music in APE format. I use Winamp to play them and I've got a nice playlist editor that supports APE files. Therefore, I'm happy having all of my files in APE because I can use most any player that I want. If I convert all of my APE files to the Apple Lossless codec then I can only play them in iTunes. That's not what I want. Also, I don't want to have 2 copies of all of my files.
Sveta is the answer to this problem. What Sveta does is harness the power of the music converter to reencode audio files on the fly. As the files are copied to the player they are converted. This way you could, for example, keep your music on your computer as a high quality OGG or what not, then downconvert it to low bitrate MP3 when copying to your portable MP3 player. That way you don't need 2 copies of the file. (I know a true audiophile wouldn't recompress an already lossy codec, but it's just an example) In my instance I'm copying from one lossless codec to another, so no quality loss.
In the end I can leave the APE files on my computer untouched, but still take advantage of the new lossless codec from Apple. This is why it's perfect for me. For everyone else it cuts out the middle step of converting to WMA lossless and then to Apple Lossless.