Midimeow is an easy-to-use tool to convert:
Midi to Mp3 at 15 different bitrates
Midi to Wav
Midi to Ogg vorbis at more than 10 different bitrates
It allows to change the rate of the output (3 rates available)
The number of channels (mono or stereo)
Mini-mixer to change mixer settings from the program, or call the volume control from the sound card from the program.
Ability to save mixer's settings.
Presets for midi conversion.
If you want you can restore your current settings when the program exits.
Progress bar.
You can convert midi files in 3 clicks.

A sound card with midi output and winmm.dll are needed
English and french.

Probably the best at this price !