I only spent a few minutes listening to the file I made with LAME based on the FLAC.  Within those 2-3 minutes I couldn't tell a difference.  So I would say you are right.

The files were MP3s at 256kbps.  I tested a bunch of Keane songs from the album Hopes and Fears.  I believe they were the same mastering and I didn't use any EQ or anything.  The application offered to make a FLAC file when I was done playing with it but I didn't save it.   I found that if I...

Today I tried the ABX test with Foobar2000 and the only few songs I had both in MP3 and FLAC.   I was able to tell the difference every time.  I tried about 30 times.    My setup is a Creative Titanium HD + Ultrasone HFi-680.   Also to my surprise I could even tell the difference when...

It looks good.  I'm probably not going to get it since I ordered a super geek on the kickstarter.