I really think it depends on the music. I just did a quick test, encoded Pink Floyd - Money, from FLAC to Lame MP3 in 64, 128 and VBR variants.
The 64kbs one was truly terrible and i think that anyone would be able to tell, the 128kbs was better, but still noticbly worse than the FLAC, however i'm sure many people on many systems wouldn't notice the difference.
The VBR (alt Preset Standard) MP3 was identical to the FLAC imo, but again i'm sure someone with a £10,000 system would say otherwise! Hence why i keep FLAC, just incase one day i can afford a £10,000 hifi!!
The 64kbs one was truly terrible and i think that anyone would be able to tell, the 128kbs was better, but still noticbly worse than the FLAC, however i'm sure many people on many systems wouldn't notice the difference.
The VBR (alt Preset Standard) MP3 was identical to the FLAC imo, but again i'm sure someone with a £10,000 system would say otherwise! Hence why i keep FLAC, just incase one day i can afford a £10,000 hifi!!