Yepper!

Monkey's audio is LOSSLESS compression, which means you can turn it back to a wav and it will lose nothing, perfect for copying a music library that you actually want to listen to. Of course, that means it doesn't go as small as mp3.

Ogg Vorbis is my favorite format right now. At 128 kbps, which is sort-of the "standard" for mp3, an ogg file is slightly smaller and sounds better than an mp3. I look forward to the technology's maturation.