There are two means of storing and sharing CD information ("metadata"), and they are often misunderstood and confused with one another.
CD TEXT is information encoded at the header (data portion) of an audio CD that can be used to store basic information such as artist, album title, song titles, and ISRC codes. This information is used only by the very small number of players that are cd text enabled -- generally speaking this is for car stereos and home stereo components that have an LCD display built into them. CD TEXT is not used by computers or iTunes. It is definitely not essential to include CD TEXT on your master -- if you are not 100% certain of how you want your song titles to appear, we recommend against encoding CD TEXT.
The CDDB (sometimes referred to as the Gracenote database) is an internet-based database that collects and distributes information about CD's. This is the information that iTunes and other software players see. It is a user-updated database, it is your responsibility to see that the correct information is provided. Generally speaking, if you enter the information into iTunes yourself (or another software program that has an "upload to the CDDB" option), everything will appear as you intend it to, and this information will be shared with other users of the database. It can include much more information than artist / album / title data. See the following links for more information.