Good article.
Partial quote:
It's a hard science fact that digital is capable of reproducing higher frequencies than vinyl, above the range of what most people can hear. But, can people distinguish whether a piece of music contains those frequencies or not? According to research performed at Japan's NHK Laboratories in 2004, the answer seems to be no. They took 36 people and ran 20 tests with each. Only a single 18-year-old girl was able to beat random chance, and so they retested her separately, but the effect disappeared. Nevertheless, the researchers issued a somewhat qualified conclusion that they could "neither confirm nor deny the possibility that some subjects could discriminate between musical sounds with and without very high frequency components." Whether that recording is vinyl or digital, any frequencies it may or may not have above 20,000 Hz make no difference.
While FLAC/MP3's may not be up to snuff to mastered CD's or SACD I'll take the sound quality of a high-bit FLAC/MP3 over my vinyl versions any day. Speaking from experience, I have over 2,000 albums, where I've taken the CD version and converted it to 320kb MP3 file and it sounds way more enjoyable. Is the record "warmer" sounding; no doubt. But I can do without the barely audible analog hum and the occasional scratch, that's inevitable with records.