I prefer CD to MP3, even the ones ripped at 320 kbps. This conclusion is from informal listening sessions. There are subtle differences that when played on a good stereo system, it's apparent the CD triumphs over MP3s. These differences are detail, instrument spacing, imaging, etc.. Again I stress that the differences are subtle, but still noticeable.
I'll try to do a test one of these days when I have some time. Basically the methodology I'll follow will be a blind test (the listener), and a helper (who switches the CDs). Listener blindfolded, sits in one spot and listens to a portion of a song (30 secs), then listens to the same song on either the master CD (X) or ripped MP3 version (Y). There will be no trickery. If X was played first, then Y should be played second. And vice versa. The reason why no trickery should be involved is it creates "stress" in the experiment which might influence the listener to possibly make a guess. The test's objective is to disprove the null hypothesis (there is no difference in sound). The scoring of above 60% on 10 playbacks should be at least noteworthy. Above 70% is significant. Anything above 80% is very significant and not likely guessing.
Let me know if this methodology is valid for the skeptics. I'd love to know whether a self professed discernible listener can tell the difference.