tl:dr, 256m4a > 320mp3
Now, the reading part:
Speaking for lossy files, M4A/AAC > MP3. Atleast when it comes to sound quality. This is basically accepted fact, though the difference is sorta negligible to most ppl's ears (and/or listening equipment). Like someone said, get yourself a good pair of headphones/system and open your ears to a new world. MP3 is more compatible and has been around longer, so it's still the standard. Well, and ppl (re: elitists) love to hate whatever Apple does, so that doesn't help the cause.
Anyways, 320kbs is purely overkill, and completely unnecessary. To be honest, CBR (Constant Bit Rate) is kinda pointless, after VBR (Variable Bit Rate) was fine tuned. The Lame VBR encoder (best out there) detects which parts of the song requires more bits and adjusts accordingly. For instance, why would you encode silence at the same bit rate as you would an audio intensive part of a song? Of course you wouldn't, thus making 320 (and CBR) pointless (as songs don't maintain the same exact fidelity throughout, encoding it at a constant rate is counterproductive) . It's why the (ripping) scene uses Lame -V0 as the standard. The Lame -V0 switch is widely accepted as creating the best quality MP3 possible. If gives you the (believed) superior quality of a 320 while keeping the file size smaller.
Of course the same limitations of a 320mp3 apply to a 256m4a (nevermind the superior sound quality the m4a provides), but alas, that's the world we live in. iTunes also has a whole other mastering process with their 'Mastered for iTunes' files, but thats probably too much for this convo. Plus, audiophiles tend to look down on iTunes for some reason. Of course, if they (well, we? I'm pretty picky when it comes to music myself) had it their way, music would only exist in lossless (FLAC/ALAC and the various other lossless containers). Of course the problem with that is file size and convenience. Anyways, I'm rambling, so again:
tl:dr, 256m4a > 320mp3