Audio Compression Primer
Hack Jandy writes "For those of you with a little extra time this afternoon, check out Sudhian's primer to all things concerning audio compression. The article details everything from DRM to CRC matrixes (with a healthy dosage of Ogg)."
I personally think 256kbps or even 192kbps is good. But it depends on your output (speakers, headphones) and more importantly your ears. Some people don't mind 92kbps while others won't settle for anything less than vinyl (usually people with $30k+ wrapped up in their setups...)
In short--its entirely up to you!
I had a Vorbis listening party this past Summer at my home.
But no one came.