For listening purposes lossy codecs are all capable of being perceptually lossless for trained or untrained listeners, including MP3. MP3 gets a bad rap because low bitrate mp3 does sound awful. 320kbps or higher is sufficient for 99% of listeners, including audiophiles. Most listeners can't pass a double blind study in pristine conditions, let alone average ones.
It's a lot like 192kHz 32 bit recordings. 96kHz audio bandwidth and almost 200dB of SNR has a purpose, but that purpose is not for day to day listening. Your ears, brain, speakers and amplifiers cannot reproduce or perceive the extra information.