Hi ashsarhaz93,
I covered this topic last month at:
http://www.aom3.org/forum/f2/hearing...20-a-2240.html (Hearing the difference between 192 & 320)
Now you should read the whole thread and then move on to:
http://www.aom3.org/forum/f5/cripple...ct-2268-2.html ("Crippled"? Really, RIAA? Is that a fact?) and follow it through to the end.
Now regarding the explanation of mp3 bit rates the following is a rough guide:
384k bps = real cd quality
320 kbps = near cd quality (but most sites say this is cd quality)
192 kbps = high quality bit rate (often commercially referred to as near cd quality)
Most encoders will only encode mp3s up to 320 kbps which is damn close to cd quality. As many mp3 players will top out at this bit rate then the higher rate is academic anyway. The sound quality at this level is indiscernible from the real cd quality.
I guess the only way to explain the difference between 320 kbps and the original cd is that the former is a little bit more metallic of harsher than the original cd but it's so marginal that only audiophiles would quibble over the difference.
Now as you read the explanations I gave in the second link the source material has a bearing on the quality of the output. For example, the bit rates offered by the iTunes Store are superior to the equivalent bit rates offered by all the outlets advertised on aom3. And before anyone starts disagreeing with me please check out the second link. Then you can disagree all you like. Hell, this is a pretty open site anyway
Being subjective, many people are happy with bit rates at 192 kbps whilst I prefer rates as high as possible. In a nutshell your individual tastes will have a bearing on your choice of the bit rate. I didn't mention rates as low as 128 kbps because at that level the music sounds like it was recorded in a dark dank tunnel frequented by rats and cockroaches and the like. But again the source material has a bearing on the sound quality. And individual tastes also have a bearing.
Variable bit rates are another source of confusion but unless anyone wants an explanation on that one I'll let it pass it through to the keeper (cricket analogy you heathens).
Now if you want any further information then a good link then the following is a good site but it is a bit technical. The link is:
What are bit rates? | Richard Farrar's Blog
See ya!