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I've been running v3alpha8 for a good number of months now, with my entire CD collection encoded as Ogg Vorbis at 192kbps. To me it sounds as good or better than the 320kbps MP3s I used to have.

Ogg Vorbis at 192Kbps is nowhere near as good as MP3 at 320Kbps though. Ogg Vorbis is better at a given bitrate but not that good. I guess it's a subjective thing, if it sounds okay for you then go for it