I can't claim to know the technicalities like you Heroic. All I can say is that in the UK 192kbs bit rate is described as CD Quality and on many (legitimate) download sites 320kbs is described as Studio Quality. If that's wrong then fair enough.
However, my real point was, there is an audible difference between 192 and 320 kbs so if 320kbs is an option, record in it.