Kristian, you seem to have missed the repeated statement that there is no 108Mhz bandwidth -- it's _always_ a 100KHz bandwidth centered around
88.1 MHz, 88.3 Mhz, 88.5 MHz, ..., 107.9 MHz.The FM modulation technique restricts the audio bandwidth to 15KHz for reasons others have stated. FM trades off extravagant bandwidth for excellent resistance to interference and good audio fidelity.
MP3 will be the limitation, even if its parameters are adjusted for maximum fidelity (if I understand the MP3 paradigm correctly, which I may well not). But a standard CD will have better fidelity than the FM channel because the CD is limited to 20KHz, and the FM channel is limited to 15KHz.
John Perry