The MP3 deserves a place in history, but I will never use it again unless there is no other option. Lossless formats like FLAC are ideal. When compatibility is an issue Standard WMA sounds better at the same file size and bit rate.
AAC is probably even more compatible. Keep in mind mp3, aac, wma are coding formats. There are many encoder software implementing slightly different algorithms. You may have two files in AAC with the same bitrate, but different quality due to this differences and even the same encoder can be instructed to produce better audio at the expense of more time to encode it. For open-source audio Opus is probably the most widespread format used today.
I find AAC to be very similar to WMA in sound quality. Unfortunately you have to wrap them as m4a to tag them and even then my car won't read them. WMA and MP3 seem to be the most popular taggable formats I have encountered. I've yet to see any car audio that plays any of the open source formats. Doesn't mean it doesn't exist, but I have not encountered it.
I still have hundreds of MP3 files on my disk, mostly Hip Hop and R&B. I downloaded them back in 2007-2010, after that most of these "illegal" sites were shutdown. I play them with good old Winamp, sound quality is pretty good.
Sound quality has almost everything to do with playback gear given an expert ability to encode. On my old school component system, analog Onkyo amp and pre-cheapo KLH speakers, an MP3 ripped from a music CD on a USB stick in my Blu-ray player is at best tolerable wherein the same piece on the music CD in my CD player (which doesn't do MP3) having high end Sony DAC and DSP chips is outstanding. The same tune's MP3 (on a disc) and music CD played on my 2003 S-10 Chevy's stock AM/FM/CD player and speakers, practically undetectable, quality being masked by the inferior gear and cabin/road noise. Next chance I get, I might try that comparison in my pal's Caddy CT-6... Given I don't use earbuds or a headphones, when mobile with my Galaxy tablet and Bluetooth speaker or in the Chevy, the coding format has little relevance to an audiophile's listening experience. It's been several years since I've done any ripping, but if I do, I'll stick with MP3 as it's what I know. MP3's are what Amazon sells, exclusively as far as I know, for what little I've bought in the recent past when there was no CD choice.
Format comparision is usually made at the same bitrate/file size and of course assumption is that format is lossy.
