I like music reproducition so thought i'd give my tuppence......
I own a reasonably good hifi, not penile extensionely expensive, simply bought because after much auditioning in the shop it sounded the best with the variety of music i listen to.....from a stereo setup point of view (its in total a home cinema, but not necessary to go into all that for this) it comprises of a Denon 3803 receiver surround amp (not the best thing for stereo, but still this model can be considered the equivelant of a £400 normal stereo amp) and a pair of Monitor Audio Silver S6 floorstanders (£600)....i havnt listed a CD player because to be fair, given the lengths of run of cable, im using the CD player in the computer as well as the MP3 player in the computer.....
Now, if i play an MP3 at 128kpbs i can hear the music, it sounds pretty good, but there is definitely a lack of spaciousness in the mid-high band, and the low end is a little bit claustrophobic (meaning closed in and compressed, like when u listen to the radio but not quite as bad). I should quickly mention my speakers have hi-range tweeters btw, up to 30KHz. If i play an MP3 at 192kpbs, it sounds a little better, the bass is more definable, but the mid-high end is still slightly flat. Oh, quick mention here bass-wise, i have an exrtremely capable REL subwoofer, astonishing quality of bass as well as capable of going loud. Now, when i play a CD, the bass is vastly improved, especially in the kickdrum area of freqs, also bass guitars tend to be more distinguishable. The high end opens up, altho i wouldnt say dramatically, but certainly sounds more like what i would expect. Then we put on a decent modern recording of a piece of classical on 96/24 DVD-Audio....wow.....astounding, truly, the high end is just perfect and resonant, the mid range is clear and respectful, and the bass has absolute disintegration. That doesnt mean the bass is bad, it means everything is laid bare in its individual form, you can pick out an instrument if you wish and follow its path, or you can let them blend together but with an idea of where each is in a 'virtual' orchestra in front of you. For those of you not into classical, try REM's Automatic for the People on DVD-Audio, the acoustic guitar work suonds literally like its in the room with you, im not going overboard on that statement, if you have reasonable to high quality full size speakers, if possible with tweeters that can hit at least 25khz then you will really feel the presence of the guitarist in the room.
Yes, its possible this is all in my mind.......but given throughout my life i have loved playing back music on the best possible equipment i could find so as to hear the music as it should sound i dont think so. Oh, and i have no problems listening to MP3's, i use them to audition new music when im online, if i like what i hear i buy it, if i dont i delete it, i carry a 256Mb MuvoTX with a pair of neckband Sennheisers and its far better than a walkman or discman for many reasons.....but on a proper full size hifi, give me DVD-Audio any day, if not then a piece of vinyl, then a CD, then an MP3.
right, time to get to bed......
edit: i didnt read this whole thread btw, first and last page, hope i havnt repeated anything...err..hehe