Have not heard and compared, but it is a lossy compressed format which by definition means less accurate than original.
So that alone seems like a step in the opposite direction in regards to at least the accuracy of the sound.
Of course the most accurate sound does not necessarily mean "best sounding" so there are lots of other digital processing tricks that might be played to make things sound better, even with less accurate data to start. It sounds like the highest frequencies are being transformed in a lossy manner in this case. So trained younger ears might be better equipped to distinguish than older, if audible at all. Kinda like a Trojan Horse perhaps in practice. Most will probably never notice a difference even if there is one.
So that alone seems like a step in the opposite direction in regards to at least the accuracy of the sound.
Of course the most accurate sound does not necessarily mean "best sounding" so there are lots of other digital processing tricks that might be played to make things sound better, even with less accurate data to start. It sounds like the highest frequencies are being transformed in a lossy manner in this case. So trained younger ears might be better equipped to distinguish than older, if audible at all. Kinda like a Trojan Horse perhaps in practice. Most will probably never notice a difference even if there is one.