At >256K you're looking at near-zero differences in terms of perception for a current-specification MP3 rip vs AAC. AAC does perform basically 'one notch' better at lower bitrates, but as an encoding standard it didn't push the state-of-the-compression-envelope like say ATRAC3+.
It is however the next widely supported standard next to MP3, and it is better at common bitrates. At higher rates though, I'd be inclined to pick MP3 with a decent encoder because there's not as big a storage/quality hit as at, say 128K.
The other big question really is where you use your music, and it's necessary to be as honest / practical about this as possible. Lossless is pretty pointless for portable use - even if you believe you can hear a baby mosquito fart and use highly isolating earphones, the surrounding environment won't let you hear the difference. For home use obviously it makes sense - but once again, only if you're playing it back on something that actually makes a difference perceivable.
It is however the next widely supported standard next to MP3, and it is better at common bitrates. At higher rates though, I'd be inclined to pick MP3 with a decent encoder because there's not as big a storage/quality hit as at, say 128K.
The other big question really is where you use your music, and it's necessary to be as honest / practical about this as possible. Lossless is pretty pointless for portable use - even if you believe you can hear a baby mosquito fart and use highly isolating earphones, the surrounding environment won't let you hear the difference. For home use obviously it makes sense - but once again, only if you're playing it back on something that actually makes a difference perceivable.