Hehe. You people seriously shouldn't be worried about data corruption (except for CDs where scratches can be a problem, but that's unavoidable). Do you realize that if uncorrected data corruption was actually a problem, essentially all modern computer technology simply wouldn't work? Do you realize that Google would just collapse if computers randomly dropped/lost bits of data here and there? Do you realize that satellites would be falling from the sky right now if what you're worried about is true? :D
The last time I had a corrupted file was on a 3.5" floppy disk what was exposed to a magnet. Even if you did have a corrupted file, you'd know it immediately because it would sound like scrambled noise. So no worries about slowly degrading quality, that simply doesn't happen with digital (CD scratches is another matter though).
Anyway I personally find 128 kbps compressed audio to be about as good as I need so far, but I would not entirely rule out 320kbps and loss-less formats I suppose. If there is any difference though, it would be incredibly subtle and honestly probably not worth it.
Edited by ac500 - 7/29/11 at 2:38pm