While I appreciate your input, and agree with your logic, I am very limited on funds so being able store 3-4 times the amount of music into the same space is a big deal.
Some other reasons I will be sticking to MP3 are that it is one of, if not the, most common compression formats available for audio with support for it found in 99% of consumer products that play audio files and also that encoded well, I can not tell the difference between the MP3 and the CD it was ripped from.
Since my original posting I have found some info on the web that states that WMP is absolute garbage when it comes to VBR and that it doesn't display bitrate or track time correctly. I've downloaded winamp since then and it has been fluctuating the bitrate display as would be expected so it seems I am doing something right with my ripping.
It still is a PITA that windows doesn't show that MP3s are VBR though... Some show up as 320, 256, 229, 232, 224. Stupid M$!