^^^^ This!
I have hundreds of albums and 78s that are long out of production and unavailable on CD/MP3. I am preparing to do A/D for preservation and want to do it right. I have gotten excellent A/D results in the past with high quality A/D converters to 320 bit MP3s. I plan to do these archives in WAV. I have worked in the professional music production side and while I don't consider myself a "golden ears audiophile" I do have minimum standards. $100 turntable simply won't do.
For reference, a full digital audio file is 1411.2 bit. MP3 compression ratio looks like this 128=11/1(9%), 256=5.5/1 (18%), 320=4.4/1(23%)
Can you hear the difference between sample rates? Take the test:
http://www.noiseaddicts.com/2009/03/mp3-sound-quality-test-128-320/