My bare minimum is 192kbis cbr mp3 with quality source and "lame" quality encoder.
At 320mbis mp3 is nearly indestiguashable from cd, for everyone except teenagers who can actually hear what 20 khz sounds like
and Finally, full CD quality 16bit 44/48Khz FLAC is my absolute maximum. Anything above is waste at best. the Dynamic range properly mastered CD could provide is more than most speakers could play anyways
I'm going to respectfully disagree.
These codecs are psycho acoustically based. They are far from all equal. In particular mp3 is a very crude and bad codec and easily distinguished. All of these codecs change the spectral balance of instruments and the perception of the space in which they are sounding.
For music from the pop culture, I agree you will seldom tell the odds. However in the music I listen too they are far short of adequate. I will also give you that most speakers do far more violence to the music than most codecs.
However on my system with music, I have established these systems are easily picked out.
mp3 in particular changes the bass line in a most unnatural way, and also does huge violence to the sense of space.
AAC and AAC plus are much better codecs, with 90 kbs AAC superior to 190 kbs mp3.
However even at 320 kbs AAC plus it is still not as good as loss less.
I can record the BPO stream at 320 kbs AAC and compare it the the BD and CDsplus high res formats of the same concert. It is not hard to pick out the lossy codecs. They sound very good. However the presence of the loss less renditions is of a different order, with more realistic strings, much more presence and attack on the brass, coupled with a much wider and deeper sound stage for starters.
I'm not alone in this. The BBC engineers remain frustrated with the limitations of these codecs, and have started experiments with streaming FLAC encoded streams using DASH.
I hope these lossy codecs are just interim technology, that is serving us with limitations in the interim.