[Ti] AAC vs MP3 (slightly OT)

[Khyber Courchesne]

So my question for the audio experts out there:

What do you think of AAC vs MP3?

I currently use 192 bit importing via iTunes for ripping my CD's.  The
quality is okay to pretty good, but my TiBook and iPod are filling up.

Apple is recommending using AAC at 128 bit encoding.  So on average my files
would be 70% the size of my current itunes library, which translates to
freeing up about 3GB on my size-challenged 30gb TiBook harddrive, which is
pretty attractive.

My questions are:
What is the equivilent in AAC terms of iTunes' MP3 "best" importing?

Should I just convert my mp3's to AAC, or will that result in even more
loss?  Should I instead rip all my CD's again directly to AAC?

Would you recommend using a bitrate higher than 128 for AAC encoding?

Thank you!

KHYBER