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An mp3, by nature, compresses the sound file to create the smaller size. By getting a smaller size, you compromise sound quality. If you are making a mix to be primarily distributed via downloads, it doesnt matter too much. However, if your mix is destined to be played on a loud system, it is better to go w/ the .wav file as the .wav file is uncompressed.
Also, when you edit a mp3 file in programs such as soundforge, wavelab, etc. it converts the mp3 to a .wav file.
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