I know people like to hate MP3, in favor of OGG, FLAC, etc. But since I've upgraded to the latest LAME, I don't think it's worth worrying about at decent bitrates.
According to the LAME site (like this page: http://lame.sourceforge.net/gpsycho.php
), the standard implementation that most encoders use is poor, and buggy on top of that. My personal experience when encoding my preferred genres (prog metal and power metal) is that the accuracy of top-rate VBR is actually superior to my audio equipment. Then nifty display of the encoder seems to bear this out: it's not showing much if any "overflow" data outside what fits inside the allocated frames.
I'm thinking that this is an example of something becoming ubiquitous because it's "good enough". Just like HTML has plenty of quirks, but gets the job done, and is now so entrenched that I can't imagine it going away, MP3 at a decent bitrate with a good encoder is just fine, and there's so much out there for it (both infrastructure and the music itself) that it's not going anywhere for some time.