If you have enough disk space, maybe you can import the CDs into a new iTunes library, and when it is all done, import again (in one go) from there into the real one?
This could get very technical but the answer is actually relatively straightforward.
The act of "ripping" takes place in 2 stages, reading the source material, and writing out a converted version of same.
For music this is straightforward, mainly because the technology is old enough to predate stuff that was later incorporated into DVDs. Music CDs do not have any form of encryption. The data is laid bare for you to use as you see fit. This means anyone can read it without requiring the use of a licensed decoder which you can them laden with prohibitions on use. Once you can read it, you can convert it, so long as you have a suitable encoder, which Apple provides to allow encoding into the formats you list.
For a movie, this is different. The source material is encrypted and copy protected in a way that Music CDs never were, and never will be. This means you need a licensed decoder just to be able to read them. The terms of the license will often dictate that you can only decode for playback, and not for conversion. Most often this is purely a legal distinction, and not a technical one. Obviously Apple have to abide by the terms of these licenses or they could not provide you with them, and as such they will not allow you to subsequently decode a film, then instead of watching it immediately encode (rip) it into a different format. They do provide an encoding mechanism for movies, but it will only work on unencrypted and decoded files. Of course, there is nothing to stop other programs that Apple do not supply from ignoring such paper restrictions (or providing replacement decoders that are less inhibited in what they allow), and happily ripping away.
Best Answer
Possible reasons why you might wish to disable error correction are
Enabling error correction allows iTunes to read the error correction data on the disc, and use this to verify the read audio data. Disabling the error correction makes iTunes ignore this information and presume that the data that is read is correct.
Error correction data is basically a summary of the last few bytes of data on the disc. If the total size of the data matches the size reported by the error correction data then the data is approved and iTunes continues importing. If not, iTunes re-reads the area of the disc, and as a last resort 'guesses' the content of the malformed data. Forward error correction - Wikipedia
This additional verification causes an increase in import time. On an older computer, this difference is pretty noticeable, however in newer computers the difference is negligible.