yes, it is especially noticeable with a high-quality sound system. Mp3 cuts low and high frequencies in order to reduce the size of the file, but if you have a nice sub woofer and tweeter system, this can dramatically reduce experience. Their are special frequencies that you cant so much hear, but "feel", that is only available in CD-Quality audio. Many people with low quality computer speakers or headphones don't tend to notice any difference between 128 bit mp3 and lossless. If the music is loud (for example, a party or rave) the difference becomes very noticeable.