No wonder the files are so big. EAC is just rewriting the wav into the mp3 format.
But if you want to convert Wav -> MP3 you can search for Shuffler Music Converter. It's a free program.
But if you want better quality I'd rather use InterVideo Win Rip. And be sure to use 128+ kbps for converting. (I use 192 and I think this is just enough to keep the sound quality high)
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