I guess it all depends on how much bitrate you can afford to put out (if you have to pay by the byte) and also the way most people listen to you. High bitrate stations absolutely devour mobile data, and seeing as I do most of my listening through my mobile device, high bitrate streams are a turnoff. Keep in mind that some of your potential listeners have crappy older phones with stingy data allowances. Fewer people than you think have Galaxy S and iPhones with unlimited 4G data that never cuts out. Remember, Berry Gordy sold a ton of records because he produced them to sound good on crappy radios.
All that said, I think 48-64k AAC+ sounds good enough for me. Better than hearing constant buffering while trying to choke down a 320k stream, or getting my data throttled down because I shot my limit mode listening to excessive bitrate stations.