resistors: 5% vs 1% etc ?

[mark scetta]

1. are all 5%, 1/4 watt resistors made (relatively) equal? i.e, will the 
ones i buy at rat shack give pretty much the same performance as mouser's?

2. when should one use 5% resistors and when 1% ?

3. what's all this metal-film, carbon-film business anyway?

my applications are simple audio projects (like TomG's circuits) but i want 
to use the best parts i can!! :)
thank you!
mark