How is lossless different from CD SQ-wise? Lossless is lossless.
About mp3, I'm sure there is a difference between 320 kbps mp3 and lossless, but personally I can't hear it.
If you can, more power to you.
With that said, the difference is there, but I doubt it's a night and day difference, like when people say lossless is 248294829 times better than MP3, or 192 kbps is "unlistenable", I simply can't believe that.
If you are well tuned to listen for artifacts (which may be more a curse than a blessing, ignorance is bliss as they say) you can probably hear the difference with a revealing rig, but it's nowhere near "unlistenable".