'CD quality' is 1411 kbps uncompressed. Its essentially as good as the average human can hear and will give 20khz of audio bandwidth.
MP3 on the other hand uses perceptual lossy codec and has generally a maximum bit rate of 320kbps. The image below shows the comparison in quality between different mp3 bitrates
see
http://www.fliptech.net/bitrate.shtml for more.
Basically the red line represents CD and the comparisons below represent different CBR mp3 encodings.
Generally CBR gives better and more predictable results in MP3. I copied my entire CD collection to my media server in 320kbps and the difference between them is tiny (although I am considering re-doing it all in FLAC)
The bottom line however is the output can only ever be as good as the source material. If you download in a poor quality format then you'll only ever have that. I don't even know what I-tunes use since I don't use it, but I suspect you'll find if you use MP3 it will be fine for you, just stick to a bit rate equal or better to that of whatever it is you got in the first place.
Ed