Everything Peter said...just curious, are you connected via WiFi, Edge, UMTS/HSDPA? If you are connecting via one of the cellular networks, is there any difference in delay when you use WiFi instead of cellular?
We use a 16kbps bitrate to reach as many listeners as possible and to conserve bandwidth since we serve a lot of simultaneous listeners. This has been a good decision, but using the lower bitrate means more delay since encoding is a little more expensive. I don't know how good or fast the audio decoding is on Windows Mobile on a Tilt. That is another factor.