MP3 is great, as long as you use 192kbps+ most music sounds fine, if you have something you want better you can either use a high quality variable bit rate MP3, or for the real audiophile, use FLAC or a similar lossless codec. Using good headphones the difference between a CD and a 192kbps MP3 isn't that big, and if you are traveling, good headphones are a bit big, and earphones with 192kbps MP3 is fine... (If you're say on a bus, or in a car, the ambient noise will be louder than what you're missing out on anyway...)
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MP3 is great, as long as you use 192kbps+ most music sounds fine, if you have something you want better you can either use a high quality variable bit rate MP3, or for the real audiophile, use FLAC or a similar lossless codec. Using good headphones the difference between a CD and a 192kbps MP3 isn't that big, and if you are traveling, good headphones are a bit big, and earphones with 192kbps MP3 is fine... (If you're say on a bus, or in a car, the ambient noise will be louder than what you're missing out on anyway...)