If you burn it with iTunes, the correct settings will be chosen automatically. W/o going into tech stuff, such a CD should be written in the ISO 9660 file system (aka CDFS), rather than the Mac-native HFS+ file system. MP3 CD is not really a different format, but a data CD containing MP3 files. However, virtually all DVD players, and many CD players of recent vintage, are able to play so-called MP3 CDs and they have the advantage of holding many more hours of music than an audio CD. There is only one good reason to do it, and that is, if you want to play music you only have as MP3 files on a CD player which reads only CDDA (ie, audio CDs).
Now, whether or not you will hear or notice that something is missing depends on many variables, not least of which are your own ears and musical education and training, as well as the type of music you are listening to. So the resulting audio CD offers no advantage whatsoever over the original MP3 files. 'Converting' MP3 to CDDA (audio CD) means decoding the MP3, without restoring the part lost during encoding. MP3 is a lossy compression format, ie, during encoding, part of the audio signal is discarded - for ever. The fact that you can doesn't mean that you should. Just one point (with apologies if you already know all about this). Is there a fairly simple way to convert mp3 to audio cd?