Last I checked, there are still killer samples that even the newest revisions of LAME can't encode transparently no matter what the bitrate, the psychoacoustical model is not perfect and still screws some things up. Granted, we're at the point where we're talking about the 1-out-of-a-thousand special case here, but it's still there. There are still tracks that you can ABX even 320 cbr or -v 0 tracks from lossless on even modest equipment. The TRUE shining benefit of today's lossy compression is that the other 999 songs out of that thousand are transparent. If that was your point, you need to stop talking in absolutes. Also, the psychoacoustical model is just that, a model. It is not a perfect mapping of the aural capacity of even a single human being, let alone the entire human race. There is always room for a given person's ears to be "outliers" from the statistical bell curve. That sort of thing happens FAR less frequently than the users in this forum tend to claim, but it's still there, and will always be there as long as there is lossy compression. Humans are not a single model with concretely defined capabilities. My wife can usually ABX music easier than I can, and in turn am usually able to pick out video artifacts in stronger levels of h.264 compression before she can.
Oh, also, your earlier statement that WMA and AAC at 128kbps are the equivilent of MP3 at 256kbps is WAY off. newer codecs are inherently better designed than MP3 is, but the counter to that is that MP3 (LAME specifically) has received far more tuning and attention than the other codecs (yes, even Apple's baby AAC) due to the market penetration. That is, in simple terms, more people care to make mp3 better because it is supported in damn near everything made in the last 5-10 years. Today's LAME is almost equal to AAC and WMA at equivilent bitrates, It really comes down to the specific encoding which is better. Also, you'd do well to check out Ogg Vorbis if you haven't already, its performance at medium/low bitrates (~96kbps to ~160kbps) is probably the best of the bunch, especially the aoTuV b5.7 version of Vorbis. I am unable to reliably ABX -q 6 (~118kbps) from lossless on either my HD-650s or my DT880s (let alone my MS1s) on the vast majority of my music.
By the way, just a general FYI people, generally 320cbr or even -v 0 are a waste. If you can't tell the difference between 320 and lossless, you probably can't tell the difference between -v 2 and lossless either. -v 2 has recieved the strongest tuning and tweaking and is the sweet spot of the codec. That said, LAME is so strong nowadays that on a portable setup in an environment with some noise, etc, even the much-maligned 128kbps is a very strong contender.