While -f 141 is of course perfectly fine, may I suggest -f bestaudio ? That should work fine for non-YouTube sites (soundcloud or so), and will get you a better version should YouTube one day add it. If you really prefer 141, you can also use -f 141/bestaudio to fall back to bestaudio if 141 is unavailable.
Converting it to MP3 is a bad idea. Youtube uses other lossy codecs inside, such as Vorbis and AAC. So reencoding it will degrade the quality. The best option is to keep the audio as is.
When you convert audio from a lossy format to a lossy format (from YouTube's native AAC streams to MP3,) you always end up with worse quality than the original, regardless of the encoding settings. Since pretty much everything can play AAC, there's no point in converting it in the first place. Just remove --audio-format mp3, and you'll get an .m4a straight from YouTube with no conversion step.
That's right, usually the best quality audio you can get from youtube is in m4a format. The only problem I'm having is youtube sets the format inside the m4a to dash, which some stupid players (including iTunes) don't want to play. So I have to run something like
ffmpeg.exe -i "Keith Wiley - The Fermi Paradox, Self-Replicating Probes, Interstellar Transport Bandwidth-AUk6ZlePtQA.m4a" -c:a copy 2.m4a
As others have pointed out, you'll need -- in this case. However, there's really no reason why youtube-dl should not detect this common problem (we also try to detect when users forget to quote URLs with ampersands). Update to youtube-dl 2014.11.23.1 or newer and try this again ;)
By the way, the GitHub issue tracker (https://yt-dl.org/bug ) is usually a better place to report issues. But just for youtube-dl reaching #1 on HN, I'll make an exception.