So what file type gives you best audio and saves most space

[Joe]

In reading the recent posts, It seems most agree that M4A IS THE MOST SPACE 
SAVING WITH STILL GOOD AUDIO. is that correct? I know there's no free lunch and 
you must give up something to get something in audio, but what do you guys 
think is the best. This may be a dangerous question to ask and I may get as 
many different opinions as there are people on this list. 192KBPS sounds good 
to me, but can I get the same quality with another file type at a smaller foot 
print? Thanks. Joe.