Is there any reason not to enable Error Correction in iTunes?
Possible reasons why you might wish to disable error correction are


if you are looking for the fastest possible import,
have a very old computer where resources are limited, or
want iTunes to use less CPU time.


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.