Hey, LPs sound better. :P No, really, there *is* a difference. On the other hand, I'm perfectly fine if it's an LP recorded onto CD XD
As for the bitrate thing, I'm pretty sure when I'm in a silent room with supa dupa fly headphones I'm able to hear a difference between 320kbps MP3s and CD and whatnot. But the difference does not mean it sounds better/worse. As long as there are no audio artefacts, I'm fine with 192kbps and below. Also a 128kb/s OGG file easily pees over any MP3 bitrate, size- and qualitywise. Even more, usually the lowest OGG quality (-1) produces a 40-80kb/s file which is perfectly usable for "street purposes", while a MP3 at lowest vbr rapes your ears with artefacts and such.