Beyond comparing formats, even subjectively, it is important to consider how the public got used to compression artifacts.

I mean, the famous mp3 pre-echo was so common in early 90's that I think part of the listeners would prefer listening to it than to a cleaner sound. It is possible that mp3 influenced how music is composed, mastered and mixed.

That being said and adding the fact that people are willing to listen to music using cheap auricular phones in the noisy environment of their cars and recompressed using Bluetooth, I'd say that the 128kbps mp3 is still a very hard to beat format.