for portable listening playback I personally "Standardized"
on 160kBit Sec mp3 files.
Why so low? consider the fact of listening through "Ear buds" or cheap headphones
in often noisy ambient environments.
but more importantly with my ANALOG ears.
For HOME listening I don't bother with FLAC I have my entire collection at 320kBitSec. that is for listening with GOOD speakers in a controlled environment...
I use FLAC or WAV only for archiving, and that only for saving myself the aggravation of digging through my entire CD collection or RE-Ripping DVD audio for the rare occasion when I find a corrupted file.
Reality is simply this, you CANNOT tell the difference.
If you believe you can? then you are likely either mistaken or delusional,
(I will regard the possibility that you have either had a dog's ears transplanted or you are posting your inquiry from the flying saucer that you flew here to earth (say "Hi" to Elvis for me:) and your alien ears are better than mere human ears)
there are no other possibilities, typically the "Weakest link" in
the whole listening experience is more often than not your analog ears.
IF you even understand the concept of "acoustic masking"
on which the idea of mp3 compressed audio is based on this requires
no further explanation. and if more explanation is required it is
beyond my patience to type it.
The other issue is that a Vinyl LP is a fundamentally flawed "ephemeral" source
material, that IS subject to mechanical wear.... let me put it this way, if you were starting from virgin (never previously played) records the very best you will get out of them is the first time they are played.
Even played on the best equipment money can buy if a stylus is involved the record
deteriorates with each additional play... (never forget that vinyl is soft and Diamonds, rubies, sapphires and even Zirconium Oxide crystals are not)
So I've gotta ask, how many times was the record played previously?