In my experience, that depends heavily on both the listener and the music. Rock and pop music, which cram everything into the midrange, compress well. But music which strays further into the treble and bass doesn't. Even when a difference shows up, whether it's noticeable is going to depend on who's listening.
The most noticeable example I can think of offhand is the David Bowie album Outside - there are a few spots where entire tracks drop out in 256kbps AAC. However, they consist of the kind of very high-pitched sounds that are the first to go when your hearing degrades, so a lot of listeners won't miss them because they never knew they were there in the first place.
The most noticeable example I can think of offhand is the David Bowie album Outside - there are a few spots where entire tracks drop out in 256kbps AAC. However, they consist of the kind of very high-pitched sounds that are the first to go when your hearing degrades, so a lot of listeners won't miss them because they never knew they were there in the first place.