importing music-best sound quality

I'm starting to put lots of CDs into itunes and would like to know which setting will give me the best sound quality, plus pros and cons. I would like an iPod sometime so I can have all my music in one place. I don't want to have to import things again because my seting were wrong. Sound quality does matter to me. My setting at the moment is AAC 128 kbp.
Thanks all.

AAC 128kbs is regarded as CD quality. I use AAC128 with no problems. You wouldn't notice the difference, especially on an iPod.