It can be subjective and difficult to qualify to most people. Using the same video analogy, some would same letterbox isn't that big of a difference versus say 4:3/pan-and-scan. You still get most of the picture, but you know that in some scenes you may lose some important visuals. And if it's a good movie pan-and-scan won't exactly ruin it. Same with audio. Did you really need to hear that hi-hat to enjoy the song? Maybe not. But you will hear a considerable difference when using your iPod with headphones versus playing the same song in lossless format through your Driverack and a JBL line array.
Crank up a mp3 in your car stereo vs. the original CD. Watch how quickly the sound distorts. You will hear a big difference immediately in the low end. As to if they are good or not, well I can tell you a good mix can make or break a song. How many times have you seen a movie with decent actors and a great plot, but the director or the editing ruined the film?
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