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Yes, even a 320kbps MP3 isn't as good as full CD quality audio, which is essentially WAV format.
Don't think that you can decode MP3 to WAV and burn an audio CD to make up for it though, as you'll only have a WAV that sounds exactly like the MP3 it came from.
Most online record stores will allow you to purchase tunes in WAV format at an additional fee. I don't bother, even though I consider myself incredibly picky about audio quality, I find that a 320kbps MP3, decoded and burnt as an audio CD satisfies my aural senses.
I choose to burn MP3 as an audio CD simply because the Pioneer CDJ1000MK3, although it handles MP3 CDs, doesn't do so as nicely as it does with audio CDs. This is because it decodes the MP3 to conventional audio, and there's a lag while it processes this information.
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