Guruboolez, my experience has been twofold in terms of encoders: many of the songs I bought from iTunes (which isn't many, actually

) sound much worse than the files I made afterwards once I purchased the actual CD. Of course, I don't normally rip things at 128kbps (I still use --aps), but I did so to compare the purchased file to the one I had ripped. In almost every case, a) iTunes purchased AAC file had ringing and flanging artifacts NOT found in my home-ripped versions, and b) most of the file exhibited a sharp 15-16Khz lowpass. Even with my HF hearing (not very sesnsitive above 16Khz, cutoff around 17.5), the lowpass is noticable on some songs. (Edit: I used QT 6.5 w/ iTunes 4.2 for comparisons).
However I recently bought a file that had content to 20Khz and sounded fine (no obvious flaws). Unfortunately, I accidentally deleted it somehow and can't remember what it was. So, I'm not sure what's going on with the different encoders, but suffice to say, my experience has been that iTunes music is inferior to the same rip done at home from a CD. In fact, with one of the albums (George Benson's greatest hits), the files sounded like they had been transcoded from 112kbps MusicMatch files!