Yes. What my concern about this is is actually the lower and higher frequencies in the mp3s. With these the loss was neglectable. I thought preserving the full range and quality was paramount with audio testing, but I'm not an expert or an audiophile, it was just my preconception.
(Listening to an original .wav song with my headphones and then an mp3 of 192 or 320 kpbs quality, the difference seems obvious, but mostly at the low- and the high-ends.)