What I hear is that 320kbps is a wast of space and the higher definition result isn't detectable by most people when listening to the MP3.
Constant Bit Rate 320kbps sure... there is LOTS of wasted space, if you are doing that you may as well go lossless with FLAC instead of MP3s. With Variable Bit Rate, 320kbps max is similar file sized to a Constant Bit Rate 128kbps rip but with greatly improved fidelity.
Either way, no my ears cannot hear the difference between anything over 128kbps, but 32gb microSD cards are $20 and 2tb drivers are $100.
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My wife takes music and rerips it to 96kbps for her portable devices. We can both hear the difference, but she would rather have twice the tunes than better than FM radio sound
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