http://www.theguardian.com/technology/2014/aug/21/mp3-cd-24-bit-audio-music-hi-res
Ultimately the difference is there but it’s subtle and I really think it depends on how you listen to music.
My favourite method of listening to music is with headphones while walking – it’s while doing this that I fully lose myself in the music, but it’s never the precise sound I’m interested in, more the way it transports me emotionally to another daydream universe.
It takes me away, rather than draws me in. And the truth is, I find the impressionistic sound of an MP3 just as effective at providing this emotional hit as the photographic realism of a studio master recording.
Interesting to note that differences were more marked on some recordings than others - though this could be down to how the music was mastered for CD.