i would have to go with mp3 for the following reasons:
1. compatibility - mp3s pretty much play on and media type device today and can be burned to mp3 cds or audio cds.
2. file size - even while burning at 320 kbps, the file size is nowhere near the size of a wav file.
3. sound quality - while not the best, if it is encoded using LAME, the sound quality is pretty good.
Im not sure about the 192kb/s being equivalent to wav. Wav is lossless and aac is lossy, theres no way an aac is equivalent to a wav file. Just compare the file size of the two. To some ears though 192 kb/s might sound the same as wav.