QUOTE (Sebastian Mares @ Mar 25 2008, 11:34)

Best thing would probably be using LAME -V 5.
What he said.
The LAME codec produces MP3's that have been shown to consistently be higher quality than most other enocders (see the "MP3" section of this forum for listening tests, how-to's, etc.). Using the quality level of "V5" will produce the file size/bitrate you mentioned and should be transparent ("near CD quality") for the majority of your songs.