I've been comparing (not)lame313 and bladeenc today and (not)lame does sound equally good at 128 compared to bladeenc at 256 bitrate. I use The Who's 'Won't Get Fooled Again' for comparison, if you wonder.
What I can't get done with (not)lame is batch jobs. Bladeenc simply names the mp3 after the original file, changing wav to mp3. You can type $bladeenc *.wav and all the wav files in the directory get encoded. How can you do this with (not)lame, as it requires both input and output name? --hans