Hehe, absolutely no. A 320 kpbs MP3 and .wav are hard to distinguish, but the high freq range is usually the one where things are missing, and the lows also but only if there are a lot deep sweeps and bass. If I wouldn't have a wav and an mp3 for comparing I wouldn't be able tell the difference. I don't have the high-end headcans or the finesse for that.
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.)