It depends on the song. I sometimes notice a big difference when I was testing it. I guess the bigger question is, why would you want to do it? It won't save any space and you'll just lose quality.
AAC is less lossy and produces smaller-file sizes than MP3. I encode all my albums in 192kbps AAC and I can't tell the difference between the CDs and the AACs.
schweb is totally correct. I have done a lot of tests, and usually either they are exactly the same size for 128k or very rarely the AAC will be like .1k smaller. But the quality for a given Bit rate is much better with AAC.
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