The sound of music, and what you like, is completely and totally subjective. The fact that people preferred the 192 might actually prove that there is a difference in hearing the items, even if people can't put their fingers on it.
For example, the other day, I sat my wife down, and played her a 1 minute section of "No Suprises" by Radiohead. I did it on several different headphones. The phones I used were the following:
Sony MDR-NC22 Noise Cancelling
No-Name (Pure PUR-800)
I thought for sure she'd like the Klipsch the best. She didn't, surprisingly. Here were her details:
Bose In-Ear "Sounds like I'm in a can"
Bose QC3 "Warm sound"
Sony - "I like these! The sound is really good on these." (I felt they were really tinny and lacked tons of bass)
Zune Premium "Whoah! I didn't even realize there was an acoustic guitar back there. These sound really nice and smooth"
Pur-800 - "These sound like the Zune Premium"
Klipsch S4 - "I can hear some distortion in them."
What was distortion to my wife was the general audio hiss you get while recording. This was inaudible using the other headphones. I prefer this, as I feel like it's a more "real" sound.
In any case, the point is, different people have different tapes. It's not that the Zune or the Sony are "good enough" for my wife. It's that she actually prefers it to the nicer quality headphones. She likes the sound.
If you like lossless, and want to deal with the non-compression of it, go for it. If you like 192K better, great! Go with that.