I previously had all of my music in EAC/LAME 3.92 192CBR. They were great, and with my newbie ears they were CD quality.
Just recently, however, I switched over to VBR encoding. I guess it makes more sense- since you can get the extra fidelity in the "heavy" parts of the track by sacrificing fidelity on the "easy" parts.
I originally was doing them all over with the "--r3mix" preset (Average bitrate ~180kbps YMMV) but I kept getting songs with really low bitrates i.e. ~128. So I decided to try "--alt-preset standard" (Average bitrate ~192) Those would have been plenty for me but then I figured well I mind as well prepare for the future, so I went ahead and did them all in "--alt-preset extreme" and my average bitrate is about 240-250.
(Keep in mind that my 192 files were fine, but I wanted to bury the issue in my mind and just encode them at a quality where I should never need to upgrade it)
One downside to this preset extreme is that on my iPod the HD will be spinning up more often to refill the buffer, reducing my battery life. I have some files that are 16MB in size meaning every 2 songs it has to spin up.
As far as the other formats: from what I heard windows media puts a lowpass at about 15KHz or so meaning they all sound warm. Ogg and the others were not supported on portabes so for my usage I had to go mp3.
HTH
Ruahrc
P.S. it has been said that a study was conducted in Germany using 300 "Audiophiles" and top grade equipment (Orpheus, B&W Nautilus 803, etc) and they concluded that LAME CBR of 256kbps was the threshold of CD quality (i.e. anything at 256 CBR or greater was indistinguishable from the original CD) --taken from
www.r3mix.net under "Quality"-- so if you want to be safe and be assured of CD quality then maybe go 256k or alt preset extreme