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You can choose the size of a mp3 file when you creat it ( the bitrate ). I don't know if you can choose the bitrate of a wma, I never tried, but I suppose you can.
The quality of the sound file depends on its bitrate (and other parameters)
I read that mp3 offers a slightly better quality for a similar bitrate, but I haven't tested it myself.
I have burnt hundreds of cd over the years, and whether I am burning wma's or mp3's never make a difference. The key factor here is the time limit on the cd, not the storage capacity. Therefore, a cd will hold the same amount of mp3s as it would wma's. However, an mp3 player would hold more wma's than mp3's (depending on the bitrate).
A cd does have a capacity of 700mb, but this capacity doesn't apply to files that have a time attached to them. A cd also has a limit of 80 minutes regarding time, and as the mp3/wma running time will be the same, it doesn't matter which you put onto the cd.