XM uses aacPlus v1, aka HE-AAC, to broadcast audio, except for traffic and weather, which uses AMBE.
The bitrate varies for music. The majority of them are 32 kbps. A few that require more fidelity are 40 or 48, and the classical channels are up to 56 kbps. There used to be a channel called Fine Tuning that was 72 kbps. Then there are music channels that are 24 kbps, and mono, including 40s on 4, Sur la Route, and Radio Disney (which is not considered a music channel anyway). The AMBE channels are all 4 kbps.
Most talk is 16 kbps and mono. This includes all sports play-by-play. A lucky few talk channels are 24 kbps, and some like XMPR go back and forth depending on the time of day. Channels 100, 101, and 202 are all 32 kbps and stereo.
The XM audio codec is much more efficient than what Sirius uses, which is ePAC, so Sirius runs at higher bitrates. They also have significantly fewer channels. Which service sounds better to the ear is subjective.