Although I have the mp3 option, and never had a single hitch with it, still not really use it. If I bounce a high res. wav, and convert a mp3 version with a 3rd party free utility, I have the original, and the mp3, so if it is approved, don't have to bounce once again.
Not to mention that if you have a high res. wav, you can easily convert it to multiple formats, like mp3, flac, etc.