MP3 - Mpeg Level 3 audio encoding. This is the most common format, just about everyone supports it
OGG - Ogg/Vorbis - Open Source Codec.
AAC/M4V - "Apple Audio Codec", which is really Mpeg Level 4. Preferred for iPod.
WMA - Windows Media Audio - Proprietary to Microsoft
OGG, as I understand it, has the highest quality for the lowest filesize, with the lowest number of compatible applications.
MP3 is actually the opposite-- high quality requires largest filesizes, but EVERY application supports it.
AAC/M4V and WMA are somewhere in the middle. AAC files generally are about 10-15% smaller for the same level of quality. M4V and WMA may have copy protection, requiring a password or license to access.
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"And if I had the choice, I'd take the voice I got, 'cause it was hard to find..."
--Johnette Napolitano