Many people think there is a huge difference in mp3 sound quality between 128 and 320 bps. Think you can tell the difference? Each of these sites has a quiz to test your ears:
http://mp3ornot.com/
http://www.noiseaddicts.com/2009/03/mp3-sound-quality-test-128-320/
Some don't go for MP3 at all and opt for "lossless" formats such as APE and FLAC. I'm not too picky. Amazon sells its MP3 albums at 256 bps. Good enough.
Cheers,
Angus