The same is true of audio quality. I thought 128kbps MP3s were fine for years (I even had some MP2s somewhere) but now they sound like sludge.
I prefer to keep FLACs (lossless compression, so just like a WAV except smaller) myself, just so I can re-encode to my lossy format/bitrate of choice without incurring generational loss. 320kbps is probably clean enough but who cares, disk space is cheap.
But for listening, 320kbps MP3 is A-OK, I don't know whether or not I could ABX it but I don't hear enough artifacts to trigger me. For more situations where size matters, I use V0 or V1 (depending on what I'm playing it on and the type of music). At V1 I start hearing a few artifacts in tough passages, but it takes an enormous chunk out of the filesize relative to FLAC.
I used to have an iRiver H320 - with replacement firmware (RockBox) I could even play FLAC on it. I eventually replaced the 20GB HDD with a 16GB CompactFlash as a ghetto SSD, used to get like 20 hours of battery life on it. It could also do optical out, recorded in MP3 or WAV, and was super easy to change parts on. Great player for a hacker. I used it daily and hard for probably 7 years before the screws would no longer grab, I need to get it back out and see if I can get it going again.