However like Jpeg this is a tradeoff that we are used to. in the same way that tape has frequency inbalance, records just sound shit (sorry I know you like it, but they really don't sound better. they are great for evoking a feeling, but not for fidelity. Its lomo but for sound)
I don't like the distortion that 128k mp3 introduces, but I imagine that in years to come it'll become a fetish for certain types of audiophile