My understanding is that AAC tends to get better sound out of smaller files using better comoression than MP3, while Vorbis is for making realtively tiny files of passable quality for, like, websites n' stuff.
What do you mean the standard? Only due to memory of portable things limiting how many songs in good quality you can fit and most people having crummy earbuds where it's harder to tell the difference. I use FLAC if I can. ALAC is probably easier for iPhone.
eh i just dunno what format to use on my phone and i keep hearing ogg sounds great and AAC is the superior format and its complicated.. maybe i should just stick to v0 MP3
If you're not worried about space I wouldn't bother with the conversion and just use the FLAC. But if you want the conversion anyway then I'd say the differences woukd be miniscule. I also remember going with v0 MP3 for some stuff that I didn't want to download FLACs for {SiIvaGunner} after reading it tended towards the best quality at smaller file sizes, so I'd be fine going with that.