By default, ripit generates a playlist file (with the extension .m3u) in the folder along with your MP3 files. I've never found that file to be very much use; your mileage may vary. If you don't want the file, specify --noplaylist to make sure that it's not created.
If you're working on a computer without Internet access, or want to enter the tag information yourself, then you can use the --nosubmission option. The information about the CD is written to a file called cddb.toc on your hard drive.
Each format that ripit supports requires a separate piece of software (called an encoder) to create files. If you only have one encoder installed on your system, then ripit will use it. If you have encoders for all of the supported formats, then ripit will default to using LAME (for creating MP3 files). However, you can use the -c option to specify the encoder that you want to use. You include one of the following numbers with the -c option: 0 (LAME), 1 (Ogg Vorbis), 2 (FLAC), 3 (FAAC).
To rip particular tracks on a CD, type a comma-separated list of the track numbers. So, if you only want tracks 2, 4, and 7 type ripit 2,4,7.