I've used the MP3 conversion in Logic Pro, it seems to sound as good as an MP3 can sound...
I've gotten good results by trying to compensate for what the MP3 algorithm favors. These may be very general statements, but I think most mp3 codecs select for the mid-range frequencies preferentially over the lows and highs, resulting, to my ears, in a very mid-heavy sound. (Vocals suddenly jump out, maybe the snare drum gets louder, etc.)
I put an EQ on the 2-buss and gently scoop btw 1-5 kHz (with a low Q) and slightly boost the high frequencies. Doing this (and adjusting through a few EQ/bounce attempts) I've managed to get some mp3s sounding very close to the wav files, at least in terms of overall frequency balance.
Anyone else find themselves doing this? (pre-emphasis od deemphasis of freqs before mp3 conversion?)