The resulting tracks are stored in the output folder with the same quality as the original video. The default download format is MP3, but you can change the settings to OGG or M4A.
YouTube to MP3 Converter automatically detects the name of the artist and the title of the video to save the metadata in the downloaded file. But you can always change it later if you want. You can also import the downloaded files to your iTunes playlists directly from the program.