In my world, once MP3's get above 192K, they are pretty good. At 320, they are very good.
As good, or better than, the average $100 cartridge on a used turn table running through a stereo that has not been serviced in 20 years, into speakers that have not been re-capped, etc.
The only way to know if you are loosing something, no matter the source, is to listen critically. The first step is a good pair of headphones (to eliminate the room effects and speakers issues). Then dig in. If you hear differences, something is wrong somewhere. If it sounds good to you and it's clean and clear - what else do you want ...
And I do spend time editing digital recordings. I also edit tapes. I swap cartridges to get the playback I want. My systems are tools. The sound is the goal. The way you get there is up to you ... Time in the hobby to get what you want is what it is about, in part
Does your local library loan CD's? Mine does, so I can find stuff I have on vinyl or tape. I can rip one track to 192 and listen against another source. Occasionally, the CD will be good enough that I need to rip at 256 or 320 and it is quite good.
I'm not a fan of VBR ...
The biggest problem I have is with other peoples MP3's ... What are they thinking ... Even portable player walk-around music should be better than that
In one system, I have a Dennon DVD-758 that will play CD's and MP3's on disk. I can A-B the MP3 against the source CD under phones and I often can't tell the difference. OK, My ears are not 20 any more. But I'm assured I can get pretty darn close with MP3
At that point they are easy to share, travel with in the car players, etc. What's not to like?
Yeah sure, if I was building an archive, I would go another way. But this is all for casual listening