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When done correctly, MP3s don't have to lose any noticeable quality in compression. MP3s are here to stay, and they couldn't get much better.
The MP3 audio format has been garnering significant press coverage of late: record labels abhor the piracy problems, consumers love the ease of use and access, and audiophiles can't stand the compressed sound. Does any of this matter to you?
I have checked it out on various systems and various levels of "quality." From what I have heard thus far, to even call it "high fidelity" is a travesty. It even makes CDs sound good. I truly HATED the way it sounded. Kind of like first-generation MiniDisc compression. I can't wait for something better to come around.
Quaint as it seems to have become, I actually prefer to sit and "actively" listen to music. Music is not something that I take lightly, and certainly not as a background "filler" or as an accessory to working on my computer. On the other hand, my son, who has to have music as an adjunct to anything he does, downloads MP3s constantly and plays them on his iMac whenever he's working. I must add that it sounds a little better than a car radio . . . but not by much.
The MP3 files are music to only the geek's ear. They may be fine for bringing in AM-radio-quality sound to one's computer, but for serious listening? Please. Still, like putting sunglasses on a blind dog, your average computerphile does not know better, nor does he care. Let 'em have 'em.
Yes, I do play CDs on my computer while using it for any number of mundane and/or productive activities. However, I have no interest in MP3; i.e., low-grade audio that's supposed to be exciting because it's generally fun to download stuff from the Internet. When I want to listen to music for solace or big-time fun, I head for the sweet spot in front of my obsolete but respectable hi-fi.