I have a large CD collection that I'd like to rip to a digital format for my phone
I don't think I have room for everything on my phone if I use FLAC, so I'd like to use a lossy format, with a high enough bitrate that I wouldn't be able to tell the difference between it and lossless on cheap-but-decent headphones (superlux HD681)
Which format can be near-indistinguishable from lossless CD audio at the lowest bitrate? Google seems to suggest mp3@320kbps is generally considered good enough, but can you go lower (say 250) with more advanced codecs like aac or ogg? Or does the extra complexity only give a benefit for mediocre quality at a lower bitrate?
I know this is subjective and there's always a diminishing return, but I'd like advice from someone who is more of an audiophile than I am about where to draw the line.
Also any recommendations for software or encoders that do a good job of the compression without losing metadata would be much appreciated.