I was often curious about this too, so I decided to finally try it out, using tigre's suggestions.
I ripped a track from a CD I own that has a very high bitrate (205kbps using mpc standard) for the purposes of this test.. it's instrumental flamenco music -- guitars, bass, and very mild percussion (just a tambourine maybe).
Here's a synopsis of what i did:
cdparanoia "7" (ripped track 7 from the cd... renamed the file moorea.wav -- the title of the song)
mppenc moorea.wav (encode the wav to mpc)
mppdec moorea.mpc moorea-mpc.wav (decode the mpc back to wav with a new name)
sox -v -1 moorea-mpc.wav moorea-mpc-invert.wav (-v -1 means scale the volume to -1, ie invert the waves)
soxmix moorea-mpc-invert.wav moorea.wav moorea-diff.wav (mix the inverted mpc decode with the original, thus providing the difference between the two sounds into a new file)
flac moorea-diff.wav (encode the difference with flac)
flac moorea.wav (encode the original with flac)
I listened to the diff file, and all i could hear were the higher frequencies of the tambourines. Sounds like the MPC is
very close to the original. Even so, compressing the diff file with flac does not yield impressive results. In fact, if you add the size of the mpc and the compressed diff, it's only about 1mb smaller than the compressed original.
Just for fun, I decided to try encoding with mpc --quality 3 (the Thumb profile). While the resulting mpc is about half the size, the compressed diff is even larger than before, although you still save a bit more space. I also tried compressing this diff file with flac -8, with a savings of another couple of megabytes.
Still, not very impressive at all. If I previewed an MPC of a song and ended up liking it, I would rather then buy the original flac rather than spend time joining diff files and such just to save a couple of megabytes of downloading.
A while back, I also tried decoding an mpc and re-encoding it with flac, thinking that perhaps the resulting flac would be fairly close in size to the original mpc. I was wrong (heh this may be very obvious to some of you). The impression I got is that the musepack encoder knows more about what it's throwing away, while the flac encoder is going in blind. Perhaps it is possible to write an mpc encoder that would be able to compress the diff file losslessly much more efficiently because of this. However, this is all speculation.