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There is no "best" setting for an audiocompressor, it's just what's best for you :) if you encode the same file at the same Kbps (same filesize compared to time) the Ogg should sound better than the MP3, I think Ogg sounds better than MP3 so you can encode the Ogg on a lower Kbps and have the same soundquality as the higher Kbps MP3.
I tested some Ogg and MP3 and I experienced that a 192Kbps MP3 sounds a bit better than a 128Kbps Ogg and a bit worse than 160Kbps Ogg (I tested it on my €3000 car stereo ;))
but again: it depends what kind of music (or speech) you want to encode and your preference of sound quality, speech takes a lot less bandwith the music so there's not much to gain (% wise) when using Ogg instead of MP3.
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