What program makes more compact, but quality music file?

I know that MusicMatch Jukebox can rip from CD or convert *.mp3 and *.wav
files to new mp3Pro_VBRI format, which at 100% quality makes music files with
<96 Mbps rate. It's in ~4 times less than quality mp3 320 Mbps format.

Is it really 96 Mbps mp3Pro_VBRI format more quality than mp3 320 Mbps format?

Is there any sense to convert music library to this new mp3Pro_VBRI format,
or it'll be quality (and money to buy program) loss?

Are there other programs that make compact, but quality music files?

I'll appreciate any information that helps to choose right program.

Best, Alex