After the pot-stirring (and the other red-herring thread that need not be linked) I've been glad to discover this thead. The debate, of course continues across countless similar threads that keep repeating, often with a pretty low signal-to-noise ratio, but some of the latter posts on this thread especially make some good points about making choices for your own needs. Personally, with over 900 cd's, only very recently has it even been possible for me to consider storing everything lossless, and 7 years ago when I began encoding my music it was out of the question. And all along, I've been glad that I've retained every CD that I would ever care about listening critically to, so I can listen to it directly or re-encode as I see fit. I haven't had to re-encode a lot, because even early on I selected higher bit rates for music I cared about more.
But honestly, do I really need to worry about the poor-quality rips I made of MC Hammer and Debbie Gibson all those years ago? I'd make the argument that even though I can tell anything at 192 or below from the original, 128 is just fine for those artists.
Of course the "Shaq Diesel" that I got from the original Napster at 96kbps is another story...