for the record: i love vorbis!
now, i did a test run recently. maybe this helps you too.
grab a cd and rip a song you like and know. create several 5 to 10 second fragments with some dynamics and vocals or whatever you like to examine and save it as wave.
now to the strenuous part: do a little encoding and damn, NAME YOUR FILES WELL! this always takes me down.
personally, i only tried mp3 and ogg, didn't bother with ape, wavepack or flac, just because of file size.
i found, that everything below ogg -q 5 (~160 kb/s) is rubbish to my ears. sound is melting and nothing is really distinguishable. -q 6 (~192) serves me well and from -q 7 (~224) i can not hear (or imagine) any difference, so i go with "oggenc -q 7 *"
mp3 is something different. in the past, i encoded my library in 192 kb/s mp3s, which i would not do again. doesn't sound that wrong, but it feels kind of!. and i found a comparison between 192 kb/s mp3 and ogg (
source):
kept me wondering, how much i missed.
but just do that test for yourself. maybe with your current gear, you don't feel the necessity for ultra-high bitrate files, than go with mid-range! whenever you change your hardware, listen to these test-samples again. you may want to upgrade. or maybe not, who cares?
