Sure - if you're game ......
Try this link - and test yourself : http://www.head-fi.org/t/655879/setting-up-an-abx-test-simple-guide-to-ripping-tagging-transcoding
All it takes is an open mind - and time. The software is free.
My (fully tested) transparency level is aac256. I know I can't distinguish (if taken from the same master file and transcoded to different formats) DSD from hi-res, from redbook, from aac256. And the good thing is - that I'm not actually supposed to - it just means I'm human.
So - my music at home is all FLAC (lossless at 16/44.1 - ie redbook). I have DSD files, high-res files etc - but when I purchase them - I keep an archive copy, transcode everything to FLAC - and keep all of my music as redbook. That is what I use when listening at home, and on my Fiio X5. Why? Because I want to keep a lossless archive copy - and I have enough space on both the X5 and my PC so its not an issue.
For my X1 and X3ii - I can carry my entire collection (400+ paid for albums) on a single micro SDXC card in aac256 - and because I know its transparent to me - I'm not missing anything.
The secret to good music is in the mastering - not in the format (beyond a certain point). Sure you'll get countless people who claim to be able to tell the difference. Put those same people in a controlled volume matched blind abx test (if they would submit to one) and I think most would change their view.
So why do I use the likes of the X3ii or X5 - simply because they are high quality players with the feature set I want. And they sound pretty good
YMMV with above. And for anyone who wants to debate what I just wrote - save it. Test yourself. if you claim to be able to tell the difference - congrats. I don't particularly care either way. i just encourage people to test themselves, find their own personal limits - and maybe discover something in the process.
Or - maybe I just have tin-ears