I download V0 for my mp3 player and it's perfectly acceptable, V2 sounds grainy and horrible in comparison to my ears, FLAC sounds crystal clear and the sound simply sparkles on high end, proper hi-fi stereo equipment and the sound truly breathes. The difference is easier to hear on some albums over others depending on the recording level used by the producer, a lot of albums these days are recorded close to max level to create impact and grabs the users attention it can be harder to tell the difference when this is the case. It's on albums that have parts recorded quietly and loudly that the subtle differences begin to show.
If your interested take a mp3 album and a flac album down to your nearist specialist HI-FI store and ask them to play the same track from each version and you will instantly notice the difference.
Your ears are not the only factor in this you also need to take into consideration, the equipment you are listening to, the way it's set up, the acoustics of your listening environment & what your actually listening too.
For some people the extra 4 or 500Mb is definitely worth it, having the actual source data also has the added benefit of you being able to share it with others in any encoding format that they would like. Obviously on multi format music sites this has the hidden benefit of you being able boost your ratio allowing you to grab extra toons for yourself, naturally the convenience of V0 mp3 also has it's advantages and is the format of choice for most users.
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