What is the most recommendable file format for music?

[Roob]

I use the word recommendable rather than best, because most people have limited hard drive space (especially if you have something like an iPod 80GB with 6000 songs), and I was wondering which format would be ideal for best quality, yet also ideal file size to store as much music on a drive as possible without compromising quality.

I currently used 192kbps CBR for ALL my music, but I'm now starting to think about redoing my WHOLE library (currently at 8000+) to use V0 VBR to save all my music, based on what I found on Hydrogenaudio's wiki page on the LAME: LAME - Hydrogrenaudio Knowledgebase

But I'm wondering if there might be any other file format that can promise better (or equal) quality with smaller (or equal) file size.

My idea was doing this for my library:

ELECTRONIC, HIP-HOP - V0 VBR
JAZZ, LATIN & CUBAN - 192kbps CBR (I am thinking about keeping the current quality as is, because I'm not a particularly big fan of jazz, unlike my dad, so I'm not too bothered by fidelity and quality. However, feel free to try and convince me about changing the format if there is better quality out there that I should be considering)

For my vinyl collection, I used 320kbps MP3 CBR because I'm familiar with MP3, but I'm wondering if anyone could recommend other formats? I currently use the Creative X-Perience Home Studio software to convert my vinyl to digital. My current turntable is a cheap and old Pioneer turntable (no model number from what I can find) and the stylus is not it's best, but the quality I'm getting so far is good enough for me.

I also have A LOT of CD Maxis and CD Singles, and they too are also at 192kbps, and I do listen to them frequently, but my only concern is that if I change them to V0 VBR, then I'm going to have to go through A LOT of trouble to do all this.

I essentially want to know which do you think has considerable influence/effect enough to change the current file format I'm using to V0 VBR (or better). I'm also inclined to stick with formats that I know are well-supported; I wouldn't want to end up using a format that has limited support on programs and my iPod. I'd also like that I can use this format during ripping in WinAmp; I love Gracenote too much to move to another program. :P

Any ideas, recommendations or input is much appreciated!