jimkleban
I agree with brother Craig on bit rate perception. However, it might be a good idea to offer a standard resolution and a "hi fi" resolution (for a premium) so that those who think they can hear the difference or actually have HIGH END audio equipment can choose. So, if someone thinks that they hear a difference then there is a difference to them and they won't mind paying the premium for this Hi Def audio.
There are two encouraging trends in that respect. First, many MP3-related patents have already expired; I believe the final ones expire in December 2017. Yes, fellow SONAR users - I think that implies that starting in 2018, Cakewalk can build in an MP3 encoder without having to pay a licensing fee. However, it's a hollow victory because...
Second, Microsoft has pretty much adopted FLAC as their default audio format, and other lossless codecs are in play for Apple. Although the size reduction isn't as drastic as MP3, there is no loss in fidelity any more than zipping a word doc deletes letters. Given the ever-increasing and ever-lowering cost of memory, I believe that in the near future, the issue of which bit rate to use for encoding will be moot. People will encode to FLAC or Apple Losslesss, and be done with it. (LANDR already offers WAV, but I wouldn't be surprised if they added a FLAC option if that format continues to gain traction.)