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For MP3 format, I encode at 128kbps.
I converted my entire CD collection to this format.
Prior to my conversion, I experimented with higher and lower rates, and 128kbps seems like the perfect balance of high quality sound, with minimal storage space used.
Some people feel they need absolute perfection in their MP3s, so they will only go with 192 or even 320.
But I have a difficult time noticing any real difference between 128 and 192.
So to me 128 was my preference.
And if I want pefection, I can always listen to the original CD instead of my MP3.
If I want to listen to an audio book on my PDA, I go with a very low 16kbps mono. The sound quality is still fair, and the files are only 1/10th the size of a typical 128kbps MP3 and around 1/100th the size of the original file.
I may eventually play with WMA and OGG formats which have high quality at lower rates than MP3.
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