Here's my take...
Wen you rip your CDs, rip them losslessly, so you can transcode them into different formats as new ones become available.
(if your mp3s are already 192 kbps, do NOT transcode them to anything else!!! you'll only lose quality... same as transcoding mp3->ogg, etc.)
Anyway... I just use lame --standard, because it's pretty much transparent, to me (yeah, it's VBR). I used to use the 'next up' preset, and while there IS a detectable difference when using high-quality headphones, it's not enough of a difference for me to sacrifice that extra space.