What Sounds Better, MP3 or Ogg?

I've never been able to make a clear decision on the subject. These days I rip all my CDs to MP3 at 160kbs which means about 80 megs for a longer album. With a 100g drive on order ($220. I remember paying more then that for .1% of that space) disk space isn't really the defining issue, but that doesn't mean I'm gonna rip everything at 300kbs just because I can. I'm curious what people think sounds better, and what bit rates they find to be acceptable for both casual listening, and more picky listening. Don't forget to mention what sort of equipment your listening on so we know where you are coming from.