Although I like the sound of the WAV file better, my disk space dictates compressed files. However, I still do my original to a WAV file, since it can be cleaned up, edited and effects added. After I'm satisfied with the sound I do the compression. I use the 160 kbps rate, which gives me fairly decent quality.

Since I'm retired and travel quite a bit, having CD's of MP3 files allows me to carry a far greater selection of music with me than would otherwise be possible.