I attempted to convert an mp3 into an ogg, and it came out almost entirely the same size (3,593 kilobits when the mp3 was 3,584). Is this normal, or aren't oggs supposed to be smaller? >_>
Try setting Quality to 0, in order to get a smaller filesize. If there's a field to set bitrate, try 80. That will still preserve much of the audio quality, but still be smaller in size.
Also, this should help you compare OGG with other audio formats:
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