I think the biggest factor isn't so much lossless, but the recording itself.
I've just heard some 128 mp3's that sound BETTER than some lossless files, as well as some other bit rates (256 and 328) that sound identical to my lossless files simply because of the recording. Some recordings are hot, flat, overpowering, etc. I think what needs to be done, is take that lossless file, make a compressed one, THEN compare. Otherwise, you don't really have an accurate standpoint as to which sounds better.
So what do I do? I just DL the song from iTunes and am done with it, as many times, the iTunes aac DL sounds just as good as my lossless, except, it takes up CONSIDERABLY less space....