I believe the only way to properly test codecs are blind ABX-tests; the folks over at hydrogenaudio.org are doing those things more-or-less regularly. In fact, they have just recently finished another test at 128 kbit/s which you might want to check out: Given the high marks at 128, I guess that for almost every source material 256 kbit/s using a modern codec should give near-transparent or transparent results. Then again, live material could prove to be a bit more challenging for the compression codecs, which are probably more tuned to cope with "normal" studio recordings: YMMV. :-)