If i can find the song/album in 320, thats what i use.
But sometimes all you can get is 192 which is still decent. I do prefer MP4 though...wave audio is only really used in studios for recordings....the file size is too large for practical use.
I always rip between 256 and 320 VBR...I used to do 192 to 256 ABR back when I didn't know how to use EAC, rofl.
I would make everything flac, but...with all my music ranging from 128 to 320, I have well over 120 gigs. I don't want to think what the size would be in flac... *shudders*