I finally got round to converting a bit of music to LAME then ripping it to CD and must confess to being quite surprised. When playing electronic music, even on a 20 grand system, it was reasonably tricky distinguishing between the original WAV and LAME files. The only telltale signs were the bass which was slighly more flabby with less punch and very high frequency treble sometimes sounded harsh and rather blunt (as opposed to ending in a long, smooth, sharp point).
The difference when playing live and acoustic music was much easier to recognise with the LAME files sounding relatively flat and compressed compared to the original recordings. Certain subtleties and nuances such as the twang of a guitar string played slightly off key, slight intakes of breath and the sound of saliva as a vocalist parted their lips were less prominant on the LAME files so in conclusion detail retrieval and resolution fall some way short of the original WAV files.
Overall though I was genuinely surprised, especially with it's scope for dealing with electronic music. It's very impressive.