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.

The maximum bitrate of MP3 is 320kbps, I believe.

Another alternative to consider is FLAC which would give you 25-65% reduction of file size (depending on the type of music) in a lossless audio format.

Borislav