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I find that MP3 quality is higly variable. If you encode an MP3 with a high bit rate you can get some very high quality audio. Of course, the higher the bit rate, the higher the file size, the more you defeat the purpose of the MP3 being a small yet relatively high quality file.

MP4 AAC Audio is quite high quality with really small file sizes, but even though QT6 suports it fully, iTunes can't rip to it (except with some third party haxies)

You know what is scary? Windows Media Audio is actually very high quality. When encoded at the same bit rate as an MP3, their are many people in this world that will tell you the WMA is better quality. Of course WMA can be copy protected, and that keeps it out of the mainstream, not to mention that you can only encode them on Windows Media Player, only on Windows.

In other words, I don't know what will be the next big thing. Undoubtedly someone will come up with some new standard in the next couple years, and you can look for QT to support it within 6 months or so of it getting hyped up.

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