mp3 is Mpeg Layer-3.
i think mpeg audio and mp3 are pretty much the same thing.
Mp3's are compressed WAV's
Wavs are Raw sound wave's
and the size depends on the audio quality and length of the sound.
so i assume that you actually mean which format gives best compression at highest quality.
Mp3 is lossy, but most are, its not a bad thing since microphos often pick up alot of noise which is out of the range of human hearing.
ANyways, as far as i know, the best auio compression is .ogg (ogg vorbis)
an open source fomat.
for high non lossy compression, flac is probably your best bet
if you use MS windows, you probably cant play these formats out of he box (you need a plugin)
the reason online music shops dont use ogg or flac, is because it doesnt support DRM.. which personally i think is a good thing... lol
(DRM==Digital Rights mangment)
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