When given the "Pepsi Challenge," most college students prefered the sound of 128 MP3 to Lossless. It's all about what you cut your teeth on. [0]
[0] Jonathan Sterne, "MP3: The Meaning of a Format", pg 166
[0] Jonathan Sterne, "MP3: The Meaning of a Format", pg 166
With today's bandwidth and storage capacity, there's no reason to use anything worse than -V2.