I use Amarra to convert flac....it's a simple menu driven process, about 4 or 5 clicks (select convert, select folder or file, select destination) then wait a min or two, it takes bit and it doesn't tell you it's working...the file just appears soon.
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Actually from what I can read on the Amarra site, Only the Mini version ($295.00) will convert Flac of 24/192 and it only converts to Aiff and it doesn't downsample to 16/44 it just does a straight conversion. XLD and Max both do that and for free. I think my only option is going to be to buy a licensed copy of Windows install it on a bootcamp partition and use DBpoweramp.. (cost is about half of what Amarra costs) unless anyone has any other ideas.
If you want to use Max to convert to 16bit files, set up the converter to output 16 bit AIFF files, then convert AIFF to ALAC. I checked on the specifications for ALAC and it does support 16 & 24 bit files. As far as I can tell, this is the only way to be sure your files are 16 bit. (in Max)
I second the Wave Editor program as a means for converting hi-res files to CD resolution (or the other way around). My purpose is different from yours (I'm preserving vinyl to digital for portability and longevity) but the result is the same. The theory behind the iZotope converter is sound (npi) and seems to perform as advertised.
Audiofile Engineering has also released a player called Fidelia which I am planning on evaluating soon. There is the player which costs $20, also an "add-on" which costs extra. (please see website) It looks promising.