I've been a card-carrying audiophile for over 40 years. I'm now nudging 60, but most of my Damascene audio moments happened when my hearing was in its prime.
So when I bought my first serious audio system 40 years ago (Meridian 101/105) I was utterly convinced I could easily hear the difference between these very expensive examples of the current creme de la creme of hifi and lesser boxes. Likewise I was convinced that the Quicksilver Mono valve amps I flirted with dove somehow deeper into the heart of the music.
Shortly after laying out large amounts of money for these and their compatriots (equally expensive Linn Sondek/Oracle turntables paired with pricey, band-width limited Celestion SL600 speakers) my choice of career saw me spend a lot of time in professional audio studios.
The engineers humoured my arrogant audiophilia and pretended to consider my suggestions about warming up the audio chain with valve amps, but eventually they got sick of it and did an intervention. I was sat down and made to do a bunch of blind tests.
It turns out I couldn't hear the difference between my Class A rated amps, and cheapo ones. I couldn't hear the difference between my delicate Koetsu cartidge and a cheaper Shure. I could hear the difference between expensive analog and the cheap digital I sneered at. Alas, digital was more accurate.
I learned couldn't hear the difference between DACs. Or (again) between huge heavy power amps and cheap-ass receivers. I couldn't hear the difference between cables, interconnects and any physics defying tweak (foil, green markers on CDs, freezing cables, cable lifters, harmonic dots, vibration feet and so many more).
I bought dozens of SACDs before being shown that I was unable to tell them from their redbook alternative (unless the mix was tweaked).
Nevertheless when lossy codecs arrived I snubbed them in favour of lossless rips and streaming. I thought physics was on my side and they couldn't possible sound as good as lossless.
Until I did some of blind A/B tests hosted at the Hydrogen Audio forum quite a few years back.
There I learned I couldn't reliably tell the difference between anything above 256K and lossless.
Napier's links here showed me nothing has changed.
https://thenextweb.com/plugged/2021...fy-hifi-try-to-pass-this-lossless-audio-test/
Most of the 50000 or so tracks on my server are encoded at 320k. Not because I think I can tell the difference between them and 256K (or less) but because storage is cheap these days.
I like that Apple Music (my only streaming service) also uses 320K, because bandwidth is also cheap these days.
I wouldn't mind lossless, even though I know I can't hear the difference. It would just make me feel fuzzier.
But I wouldn't pay extra for it.
The only think I would pay a (slight) premium for is streaming or downloadable discrete surround music (DTS 5.1 would be just fine) or binaural.