I wrote this a while back, might as well post it now. It was my reply to an inquiry as to if this certain individual should convert his MP3 collection into OGGs.
Converting your mp3 collection to another lossy format is a bad idea. MP3 works by jettissonning/simplifying elements you wouldn’t notice. Other lossy formats work on the same principle, but in different ways. In the end, you’d end up with a product which has had alot cut through it being an mp3, and alot cut once more by the compression algorithms of the other format.
Keep it mp3s.
For converting lossless CDs into one of the above, I’d still go with MP3s. Mainly, because the size difference between that and a smaller-but-equivalent ogg is minimal and irrelevant to me, and because my MP3 player plays MP3s, not oggs.
For those who don’t know, OGG is a compression scheme to cut down the size of raw sound files (ie. music on CDs). However, unlike MP3s, it is not a liscenced technology. In other words,
you don’t have to pay royalties if you choose to use it for commercial means. However, even though it is completely free and sounds better than MP3s [for the same bitrate], it is quite
unknown among the general masses.