This project was abandoned last year, half way through writing it Apple decided to give you a tick box to re-encode all your songs to 128 AAC whilst syncing your iPhone, making this app redundant in my eyes. Updated 2011-04-01

My iTunes Lossless sync tool, designed to sync the Apple Lossless format to AAC so that you can make an archive of your lossless files and have an AAC copy to sync to your portable device.

Constructive feedback would be greatly appreciated.

Version 0.0.1 (Major bug, link removed)
This is a really basic version, at the moment you can't choose what format you want to sync to, it uses the codec currently listed in your preferences.
It should be able to sync Meta Data both ways. However if both sets have changed since the last sync it will use the Lossless copies Meta Data and sync that to the AAC file.
This is an early ALPHA release, not even Beta yet, you should backup your iTunes library before using it as I take NO responsibility for destroying years of your life ripping all your 1000's of CD's to Apple Lossless.
It creates a SQLite DB in the folder it's run, it is important to keep this safe as it holds the UUID's of both files, if it gets deleted or misplaced then the program will think it's a new run and will create a second set of AAC files for you.