For me, a distraction from a more important debate: CD vs hi-rez formats. Personally I believe CD is already transparent, and hi-rez formats are a waste of (a) time (b) money and (c) freedom which we enjoy currently with CD-based music (hi-rez formats are all about the DRM folks...)
As for lossy vs CD, they might be indistinguishable and they might not. The time is coming soon when lossless will reign complete, for the simple reason there will be zero (zilch, nada) point saving space on lossy. We're already there on computers and we'll be there soon on music players. If CD was burdened by DRM it would be a question worth agonising over...but in fact lossy downloads often have DRM!...and CD is fully flexible.
Darren