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Well in response to the original post, I rip all my music to 192Kbps MP3. Although I like both ogg-vorbis & acc, I decided to go MP3 because virtually everything (my Axim, iPod, modded Xbox, etc.) can play it by default. A 192Kbps MP3 is slightly over 7MB for a 5 minute song. You will get better performance on a variable bit rate, but I have always preferred constant.
I personally don't see much point to encoding at 320Kbps in a lossy codec. If you really care about quality, there are lossless formats like SHN and FLAC (but don't expect to use them on your Axim). Figure a lossless codec will end up being about 1/2 the size of the uncompressed WAV (this is more or less a limit due to the inherent enthropy in music). A great, free tool for lossless encoding can is called mKw Audio Compression Toolkit and can be found at etree.org (if you trade live concerts, never trade one that has ever been compressed wiith a lossy codec).
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