A standard CD-quality wav file (44.1KHz, 16 bit, stereo) will ALWAYS be better quality than ANY mp3 file. The compression method of mp3 files causes a loss of audio data, even in higher bitrate files.
Yeah, that's a total joke! Even at 192Kbps VBR, I can hear artifacts galore in cymbal and vocal transients! I've found that even just for regular listening, 224Kbps CBR is the lowest quality I can stand.