Based on your personal experience and Godot knowledge, which formats (MP3, WAV, OGG) are best and why. File size, performance and quality can also be taken into account.

WAV is for sound effects, like gunshots, footsteps, etc. This is because it is uncompressed, so it can play faster and also less CPU intensive (important for a game with lots of simultaneous sounds playing). For music, you would use MP3. This compresses a lot better, and will work for streaming (for example for long 5 or 10 minute audio clips). There is more CPU overhead, but aside from that it is more optimized. OGG also works for music. I think OGG has slightly better compression, but otherwie it is almost the same as MP3 in terms of quality.

Ogg Vorbis has a better quality/file size ratio than MP3, so I recommend using Ogg Vorbis over MP3 unless your source audio is already an MP3 file.

a month later

You can convert MP3 to Ogg. I like Ogg, myself, as MP3 has a little gap while it replays.