Hey this is interesting, I want to share my personal experience, Interconnects are hard to tell the diff. I have one Inter-connect from ALO Cryo freeze whatsoever 230 something $$ with pure silver custom hand made vs a radio shack $9 cable mini to mini cable for my IMOD and the winner is.. I don't know. cause I can't detect a differences at all. Then came experts mentioning that at least the cryo freeze whatsoever will not "rot" (oxidize) and degrade the sound over time and you need to burn in and burn till you hear a diff.. I burn burn burn and still can't hear a diff and my radio shack $9 cable haven't rot yet after all these years. My hearing test is perfect by the way (tested again in April 2014)
Now that being said, I have a chance again on IEM cable. This time I took the cheapest one $30 vs a $200 cable, and bang I heard the diff. That was with SM64 and the diff is as large as swapping an amp. I was in Jaben shop in Singapore and they have several boxes of cables separated by their tonality. He explain that this box is for low bass and sharp treble, the 2nd box is for more bass, but treble still good and this expensive one is everything is good. I tried them and true they did change the tonality and he was right, the diff is obvious enough.
Since then, I have been buying cables after cables including Craig ones and they all have different tonality for my 1p2. Twag 3 and Twau with gold have very diff sound signature. I can literally hear the diff without blind fold, the stock gold cable of 1p2 is really sharp and harsh while TWAG 3 tone down everything for a smoother signature and the TWau is in the middle.
I am going to admit I can't hear the slightest diff between a 320kbps and lossless. Not at all. As for 128kbps, I look for a loud passage, the 128kbps will start to get grainy on the loud passage and 320kbps will be more smoother, if songs has no loud passage, then I can't hear the diff between a 128kbps or lossless. And by the way, I manage to pick out the diff out of sheer luck rather than an absolute distinguishable differences. That is also why, I have my tracks burn in 320kbps in my portable gear as I can't tell the diff at all.
OK to be practical here, my wife can't hear the diff between all these cables but I suspect her hearing is way better than mine even though mine is perfect
She can detect baby cries from far away and I remember many years ago that she scream at me for not responding to our son cries.. I say "what cry? where?, ha! she was right, baby was crying on 3rd level of our house. That is something amazing and I categorize such encounter as strange phenomenon of the 4th dimension. I can hear things she cannot hear and she hear stuff that I can;t detect. So to each its own. who knows when I reach 95 yrs old, I can the other dimension telling me my number is up!!! HA!