What is the difference between WAV's, 192kpbs MP3's & 320kbps MP3's?

Apart from the obvious difference in the type of format (WAV or MP3) the main difference is the quality of the finished product. The 192 MP3's are better than CD quality and are more than good enough to listen to or use in a set but 320 MP3's contain much more of the high and low frequencies that may be lost on a big sound system. Finally, if you want to original files, with the original quality, with no compression applied to them, go for the WAV.

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