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Note that Tela said VBR, i.e. Variable Bit Rate. That makes a HUGE difference, and why 64 kbps VBR is incredible sounding vs. CBR (Consistent Bit Rate). You audiophiles porbably already know this; I just did some research myself after reading the back and forth about it in the comments. Basically, with VBR you can have superior quality while keeping smaller file size.
This article is well-written by a guy in the know: http://www.digitalprosound.com/Htm/WebAudio/2000/Oct/MP3bitrates2.htm
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There are plenty of others too if you search "64 kbps VBR vs. CBR". Internet Archive has a few enlightening forums on the topic.