I will do a Ranglist of Quality including all available encoders and audiocodecs (like mpc, aac, ogg, mp3 with lame, blade, xing....)
I have done some listening test over the last years. The know how of this lovely site
helps me with my hobby 
Well, i think its important for me to to tell my friends how horrible many mp3 encoders sounds. and that 128kb/s mp3 is NOT CD Quality.
I Using MPC with q5 or q6 and for compatibility Lame 3.90.2 or 3.92 with presets standard or extreme. both sounds good for me, but mpc is a lot better.
OK i think i have stressed you enough with my horrible english
below you can see a ranglist of encoders and bitrates of my choice. sure its not complete. ogg, aac and mppro are missing at this time due to inexperienced of myself with these formats.
well, i know the list is not 100% accurate. it should be only a raw overview of quality.
Maybe you can help me to expand and correct my list.
The Quality Index is: 1 = Excellent, 2 = good, 3 = average, et cetera 5+6 are bad.
1+ MPC Xtreme, Insane
1 MPC Standard
2+ Lame Insane
2 Lame Standard, Extreme, CBR und VBR ~256kb/s-350kb/s
2 FHG ~320kb/s, ~256kb/s
3+ FHG ~192kb/s
3+ Lame ~192kb/s
3+ Gogo ~256kb/s
3 Gogo ~192kb/s, +160kb/
3 QDesign ~192kb/s, ~160kb/s
3 Xing (new) ~256kb/s, ~320kb/s
3 FHG ~160kb/s
3 Lame ~160kb/s
3 Blade ~256kb/s, ~320kb/s
4+ FHG ~128kb/s
4+ Blade ~192kb/s
4+ Xing (old) ~256kb/s, 320kb/s
4 Lame ~128kb/s
4 Blade ~160kb/s
4 Xing (new) ~192kb/s
5+6 Xing (new) ~128kb/s, ~160kb/s
5+6 Xing (old) ~128kb/s, ~160kb/s, 192kb/s