Tiers of Audio (mainly music) Quality?

[BurningSkyline]

I'm just recovering from a dead hard drive, and somehow this question was brought up. What I mean is which file formats (are they referred to as containers?), and which bitrates. I'm looking for a list or groups.

 

[vroom_skies]

I try to do MP3s at 320 kbps or a loss less format such as FLAC.

 

[BurningSkyline]

I try to do MP3s at 320 kbps or a loss less format such as FLAC.

I am actually trying to find a good file between MP3 320 and FLAC.