I respect everyone's music storage methods (format/bit rates) because everyone is going to have a preference that suits them. I do think that many folks allow audiophiles to heavily influence their decisions, though!
I chose not to be someone influenced by another's choices and I sat down with a few songs some several years ago and listened and listened. I could hear subtle differences in 128kbs constant bit rate LAME pretty readily when compared to the CD. Like readily enough that I could literally hear the MP3 or the CD at any given hour of the day and I could straight up tell you which one was the CD and which one was the 128kbs constant bit rate MP3. Just certain artifacts that I learned the terms of from reading audiophiles online all those years ago... and I could pick it out.
128kbs VBR cleaned things up a good bit, but I could still hear things in different parts of the songs I was comparing.
I knew I wanted to use something VBR and not constant bit rate, because why throw bits at something that you can't hear a difference in, anyway? And the average bit rate across the song or track not necessarily needing to be the same for each and every track, I was learning that I didn't necessarily need a specific average bit rate target to do my whole music collection. What I wanted was a quality target. LAME had all these functions at the ready.
After lots of research and understanding, I chose for myself the quality setting or preset that I did (-V4) and I noticed how a song's average bit rate could vary anywhere from 112 kbs to 190 kbs with a huge majority of songs being encoded in a range between 155 and 165. Something like a comedy clip might encode at less than 80kbs... and it still sounds pretty much perfect. I couldn't blind a/b test myself to hearing a difference between the -V2 and -V4 switches, so I stuck with -V4 and never looked back. Not like my hearing is ever going to get better in time
My preference was heavily rooted in not wanting to ever have to re transcode anything I've already done before again, and heavily rooted in not wanting to do things just because everyone else suggested to do it that way. I needed it to be "good enough" for me. MP3 is pretty much universally playable, so personally, I can discount the whole archiving paragraph in the below because I'm not worried about ever having to retranscode.
On HydrogenAudio:
https://wiki.hydrogenaud.io/index.php?title=LAME
Maximum quality and archiving
Maximum quality is achieved when, regardless of listening conditions, you are unable to detect a difference between the MP3 and the original. As demonstrated by blind
ABX tests, LAME-encoded MP3s typically achieve this level of
transparency when encoded with the default settings, at bitrates well below maximum. Encoding with higher-bitrate settings will have no effect on the perceived quality.
For archiving, only
lossless formats like
WavPack,
FLAC, etc. are ideal; they will preserve the audio with no changes, sample-for-sample, regardless of encoder settings. In contrast, lossy formats like MP3 are designed to save space by changing the audio in subtle, often imperceptible ways, even at the encoder's maximum settings
-V4 (~165 kbps), -V5 (~130 kbps) or -V6 (~115 kbps) are recommended.
-V6 produces an "acceptable" quality, while -V4 should be close to perceptual
transparency.