Bond has converted me to the ways of MPEG-4. Well, I tried to get him to watch the MacWorld keynote, and he only got audio, but he commented how good it was. I showed him some sample audio tracks in MPEG-4, and now he wants more.
So I set out to find a way to export in MPEG-4. And of course, I did. Using QuickTime 6, I was able to export audio tracks to .mp4. Hot damn.
MPEG-4 gives you MPEG-2 (DVD quality) video, and
uncompressed audio quality in a compressed form. Imagine having all of your MP3s sound just as good as the .AIFF files on your CD, without taking up 40MB on your HD. It's real.
Using the "You Know You're Right" song from Nirvana's recent album as my demo. In .AIFF file, it's 36.6MB. In 192kbps MP3 form, it's 4.9MB. Nice, but you lose sound quality.
In MP4 format, without losing sound quality, in 192kbps, it's 5MB. In 256kbps, it's 6.8MB. In 128knps, 3.3MB. No loss in sound quality at all.
Talk about sweet. I'm going to convert my most-listened-to CDs, cause this kicks ass.
Not sure if you can do it without QuickTime Pro (buy it, only $30), but you open up the original file from the CD in QuickTime 6, then go to File > Export. Movie to MPEG-4. Adjust the options as you wish, and export.
Not impressed?

Go here and click quicktime by the song you want to here, make sure you have QuickTime 6:
http://www.totallyhits.com/index.mgi2?P=qt6
Lovely!
Some additional info:
http://www.apple.com/mpeg4/aac/