Bitrate is a pretty good marker for how these formats perform. It is an indicator of resolution. There is no 320 format that is not labeled lossy. 24 bit, of course, is well above 4000kbps native and ends up in the mid 2000's after flac or ALAC transcoding. All the data is there. So there is a direct correlation between bit rate and sound quality.
But I have 44.1/16 flac tracks with < 400 kbps, only one has a longer pause in it and the resulting bitrate is ~180 kpbs. I also have a couple of classical 24 bit flacs with < 1500 kbps.
CBR (320 kbps mp3) is not comparable to that.