If you're a big audiophile like me, and you enjoy the way different audio quality sounds depending on bit rate and Codec, then this will interest you!
INTRODUCING OPUS
(the following is taken from the official website http://opus-codec.org)
Opus is a totally open, royalty-free, highly versatile audio codec. Opus is unmatched for interactive speech and music transmission over the Internet, but is also intended for storage and streaming applications. It is standardized by the Internet Engineering Task Force (IETF) as RFC 6716 which incorporated technology from Skype’s SILK codec and Xiph.Org’s CELT codec.
Technology
Opus can handle a wide range of audio applications, including Voice over IP, videoconferencing, in-game chat, and even remote live music performances. It can scale from low bitrate narrowband speech to very high quality stereo music. Supported features are:
Bitrates from 6 kb/s to 510 kb/s
Sampling rates from 8 kHz (narrowband) to 48 kHz (fullband)
Frame sizes from 2.5 ms to 60 ms
Support for both constant bitrate (CBR) and variable bitrate (VBR)
Audio bandwidth from narrowband to fullband
Support for speech and music
Support for mono and stereo
Support for up to 255 channels (multistream frames)
Dynamically adjustable bitrate, audio bandwidth, and frame size
Good loss robustness and packet loss concealment (PLC)
Floating point and fixed-point implementation
Here's the Quality vs Bitrate comparison
And here is a Bitrate/Latency Comparison 