Wow. Where have I been the last several years? I kept hearing people talk about OGG files, but never spent much time researching. Well, today I spent an hour or so doing a side-by-side comparison of OGG encoded files vs. MP3 encoded files at the same bit-depth. I was completely floored by the results. OGG is VASTLY superior at lower bit depths. A 48kbps-VBR encoded MP3 sounded like total garbage, whereas the OGG file sounded remarkably good - good enough to include in a game that I'm working on.
In fact, the file sizes are so small, and the quality so good, that the developers have agreed to forego using MIDI files altogether. I can now compose freely and encode the final results as OGG files.
What a great find!
I'm sure many of you already knew about the benefits of OGG as it pertains to game audio, but this is a great discovery for me, so I thought I'd share my excitement.