Well it's quite simple - the higher the quality level, the better the encoded music will sound

Beyond that, it's up to you. What bitrates do you normally use when you encode MP3s? The default quality (3), will produce around 112kpbs files, that sound on a par with most 128kpbs MP3 files you'll find. Quality 4 is around 128kpbs, and quality 5 around 160kpbs.
Slightly complicating the matter is that you can choose non integer quality levels as well. These are intended to increase the bitrate smoothly, and mostly works very well. The exception is a large jump between quality 4.99 and quality 5 -- several setting get turned on at quality 5 and upwards which increase the bitrate usage.
Myself, I'm using quality 5.1, which is a nominal bitrate of 163kpbs.