yeah, i agree, also i use a wee program called razorlame
its a frontend for lame, so you need to get lame aswell.
razorlame -
http://www.dors.de/razorlame/
lame
http://lame.sourceforge.net/index.php
there are options for things like variable bitrate, which does what it sounds like, it varies the bitrate according to what the program deems necessary, but as you know a computer doesnt have ears, and vbr mp3 can sound horrid.
the best thing to do is to encode a song into 4 or 5different encodings and listen to them all, then pick the one that sounds best, but generaly i stick to 320K constant bitrate for high quality mp3s and i go for 192k constant bitrate for my lo-fi ones =)
hope this helps