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To expand upon what ming said...
For all lossy codecs (that'd be basically everything you run across outside of FLAC, APE, or anything with "Lossless" in the title), provided each is set at the same bitrate, then they will produce identical file sizes. After all, you're telling each encoder to use approximately xx kilobits for every second of audio. Assuming the files are CBR, then the variations can be accounted for in codec overhead and any other extra info. If they're VBR, then the further deviation can be explained by how each codec decides between what passages deserve what bitrate.
Referring to OGG specifically, many people claim that it is one of the best lossy codecs out there, especially at lower bitrates. One great example of this would be in Doom 3. The song played during the menus is noteworthy on two levels: 1. Tool did it, 2. It's a 64kbps Mono OGG file. I couldn't really believe it myself, since it sounds like it should sound a lot crappier than that. It definitely sounds compressed, some of the instruments don't quite the "oomph" that they could, but it still sounds pretty damn good, and the file is only 682 KB. Not having the original WAV file to use, I can only speculate that an MP3 under similar circumstances would sound a lot worse.
In case you're wondering, yes, I do happen to use OGG for my audio files. I tested OGG, WMA and MP3 at 192kbps VBR, and OGG sounded the most like the CD. For my iPAQ, I take those files through dbPowerAmp Converter and make them 96kbps OGGs to dump on my 512mb SD card. Although I cut the bitrate in half, the audio quality is still decent enough. While I could have gone for a higher bitrate, there'd be diminishing returns in that the audio signal still has to go through the iPAQs audio processing hardware, and my guess is that HP didn't spend a whole lot of time doing things like proper PCB layout and using pure-grade copper tracks for the best audio fidelity possible.
Anyway, one thing I should mention is that you can be told what is technically the best, but the truth of the matter is that you're the one who is going to be listening to it, so it should please your ears.
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