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You'll be seeing loss no matter what. Converting from one lossy format to another lossy format is like making a photocopy of a document, and then photcopying that photocopy. No matter HOW good the photocopier is, it'll never product a copy better than the previous generation.
So if you can re-rip from the source into OGG, AAC or WMA, these format are all better than MP3. But if you're doing a conversion from a low bit rate MP3 to a low bit rate OGG (for example) it might not be worthwhile.
In addition, everybody hears things differently. Some people SWEAR that they cannot tell the difference between 128Kb/s MP3 and an Audio CD, while others will tell you that they can hear the difference even at 256Kb/s.
You're best bet is to re-rip from the source and do some experimentation.
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