cant u read ?, the person above ur post has just said..
128Kbps AAC = 160Kbps MP3
and according to Windows Media they say the 64Kbps WMA is the same as 128Kbps MP3, either way m8, they are both higly better than MP3, especially if u are converting From Audio CD.
Id recommend using WMA, but then again im biased since i havent used AAC, another thing, when u say how much memory it takes up, im assuming u mean Size, well Size of the file will stay exactly the same for the bitrate, so lets say if 128Kbps 1min MP3 is 1MB, a 128Kbps 1min WMA file will be 1MB, the size will all be the same, ur just looking for quality difference.
Another thing (soz if im goin on abit), there are 2 ways of Converting WMA, there is 1-Pass, then there is 2nd-Pass, use 2nd-Pass since this creates more accurate quality in areas like Bass and Mid-Bass.
Also, if u get the chance, try and use WMA9 Professional.