Some CD players will play mp3 files (the one in my car will). Since audio in the car is always affected to some extent by road and vehicle noise, I use mp3 files when I'm driving as a high fidelity file isn't much use. I convert to 44,100 320 mbps mp3 files.
The big advantage of mp3's is that you can get many more files on a CD, BUT (and it's a big but): I believe that if you use Nero (or whatever) to burn the files, it will convert them to cda files which are about as large as the original wave files.
What I do is drag and drop the mp3 files to the CD. I was able to put 32 mp3 files on a CD - try that with wave or cda files!! And these are full length songs - the shortest is 2:50, but some are in excess of seven minutes.
Just checked - actually I did use Nero, but didn't burn cda files (the standard CD file).
An example: standard CD, the total is 455 MB whereas the mp3 files take 83 MB.
Glenn
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Procrastination Week has been postponed. Again.