IIRC wav's would be 2(channels)x2(bytes/sample)x8(bits/byte)x44100(samples/second)=1.441.200 bits/second, so even at (a ficticious, I have no idea what the max rate is, if there is one) 700kbps you'd still be saving 50% or so.

Personally, I can't hear any difference from CD with Lame VBR at an average bitrate around 170-200 kbps so I don't bother with higher rates - would rather put more music liked by friends but not myself on it...

/Michael