I always use the best VBR settings.
Use EAC for ripping and L.A.M.E for encoding, it will provide you 320 kbps CBR quality at around 256kbs VBR. Also, make sure to always only get your music from original CD's and use higher end earphones. Stock earphones, in general, will only reproduce music like you encoded them at around 128kbps. I personally recommend Shure SE210 if you're a little tight because they're sold at 0% interest for 6 months for only PhP 7,990.