It will depend on the sonic complexity of the material you are encoding. Classical music sounds quite good encoded at 128kb, but thrash metal less so. There's a lot more going on sonically with distorted guitars than with orchestral sounds.
Given that classical recordings are often held up as a kind of benchmark for recording quality, that might seem counter intuitive. But you can check it out yourself if you encode some Beethoven and Metallica using variable bit rate (via something like EAC/LAME). The Beethoven files will be smaller, and the LAME readout will show how very little gets encoded at higher bit rates.
It's not only the frequency range that is an issue, amplitude comes into it too. Modern rock recordings are quite saturated, which will also push up the required bit rate.
Distorted guitars encoded at 128kb or less have a distinct ringing sound around the treble region, the auditory equivalent of the visual artefacts you find around sharp edges in a JPEG or moving planes on a MPEG. The effect canm also be heard on cymbals when there are distorted guitars present. It sounds like an extra harmonic.
Some people can't hear it, but others can once alerted to it. You can do a simple test by putting a 128kb file and a VBR file of the same song into an audio editor like Audition. You'll be able to see the differences in the waveform, and if you cut between the two files in the multitrack editor you'll probably hear it.
If you still don't hear it then encode everything at 128kb, and laugh at those of us cursed with the ears of bats!