Absolutely. 128Kbit ogg sounds as good as 192 MP3. I encode OGG at VBR 192 and even with the busiest of music, (Tubular Bells II), I can never hear a flaw. I have all ogg, and simply burn music CDs direct from the hard drive and honestly can't hear a difference from the origional. Before Ogg (Redhat 7.0 timeframe) I used MP3, and even at CBR 192, the quality was alright, but there was always 'static' on high frequency parts, and during busy music. Quality=quality, ogg is about 30% smaller and sounds better.
'The renowned German computer magazine c't has run the largest audio format comparison test to date, and Ogg Vorbis has emerged as the clear winner'
' Vorbis on the other hand used superior acoustic models to reduce the damage.'
'OGG is the clear winner here, winning both the high and low bitrate comparisons, but that doesn't mean AAC is a bad format. A 128 kbps AAC file is noticeably better than the MP3 equivalent, but for now OGG is the king of the lossy formats.'
Note: Notlame Pro ($) may work as good, don't know. It is the next gen encoder.
I still use notlame to convert from ogg to MP3 for my DVD player. I have to set the MP3 quality at notlame -h -V3 which gives almost as good a quality, but at around 9 Meg/mp3. I bought the DVD player ($29.95 at Best Buy), however, will NOT buy a portable player till ogg is supported. In the article above...
'It also means that you can put twice as much music in near CD quality on a portable Ogg Vorbis player as on a portable MP3 player -- if you're happy with MP3 at 128 kbps, you should also be happy with Ogg Vorbis at 64 kbps.'