Hello all,
I would like to go back and try to address the original poster's question. The OP posed 2 examples that illustrate his question (the AM/FM/CD example, and the 3 pictures example) so I was thinking I would address each of them in turn. But first, let me just throw out some of my thoughts on the matter.
While thinking about the two examples and about the nature of the question being posed, I was trying to find some unifying principle that connected them, and so far I am thinking that it all boils down to the concept of entropy. It seems to me that when we compare things and try to make a judgement on which is "better" than the other, we may be in fact making some unconcious comparison about the relative amounts of entropy of the two things. I also have come to the conclusion that we may have some built in preference for lower entropy, which is where our gut feeling of "this one is better than that one" comes from. Lets look at the two posed example in more detail.
First, the example of AM vs FM vs CD...I could be wrong, but I am under the impression that when we analyze the signals from the different sources we will find that at least one difference will be in the amount of noise in the signal, with AM>FM>CD. Another difference may be in the range of frequencies transmitted in the different formats. Noise is a signal with very high entropy, because of its random nature (random frequencies at random amplitudes); if I listen to a 1 second clip of noise, and compare it to the next 1 second of noise, they will sound "the same" to me, even though the waveform of the signal could be different (different frequencies at different times, but still random). This is opposed to the actual musical signal, where there is much lower entropy (certain frequencies are played at a higher amplitude much more frequently than others, and have certain patterns in time). So, I believe that even if you were deaf from birth, and then some miracle happend that allowd you to hear for the first time, and the first things you heard was a song played on FM and the same song played on cd, your brain would detect the lower entropy of the cd recording and conclude that it prefers it over the FM signal.
Now for the three pictures example...Same idea. If you look at the 16 color picture, you will see relatively large areas of the picture that is all one color. If we now compare that same area of the photo to the 32 bit photo, we will see that instead of it all being a single color, it is now, say, 10 different colors. The 32 bit photo has less entropy than the 16 color photo. One way entropy can be defined is the number of ways of arranging a bunch of things and leave the collection of things unchanged. For instance, in the 16 color photo we could take any of the ink particles in the area that is a single color, and transpose it with any other ink particle in the same area, and leave the photo as a whole unchanged. This is higher entropy than the 32 bit image because in the 32 bit image there is much less area to rearrange an ink particle of a given color and leave the photo unchanged. Hence, the 32 bit image is much lower entropy than the 16 color photo. I believe that if you were blind from birth and were then miraculously able to see only these 3 pictures, you would still pick out the 32 bit picture as "better", even though you would have no idea what you were actually looking at, because you have never seen a picture of the earth or the space station, or anything else before.
I think that the determination of what is better than the other also has to do with a topic related to entropy...the amount of "information density" presented to our brain. In AM/CD example, the higher the signal to noise ratio, the more "information density" the signal contains. All we can say about noise is that we are hearing random frequencies at random amplitudes (with in the range that the noise exists). However, the music signal contains much more information (patterns in frequency and amplitude that our brain processes). I believe this is simply another way of talking about entropy though...
So, I believe the answer to the question "What is the science behind what we perceive as better or best?" would be to use the scientific principle of entropy and quantify the relative amounts for the samples we are comparing. The lower one wins

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Of course I could be way off, and I'm sure that there are many counter examples that I have not considered. Anyway, thats my 2 cents (ok, maybe 5 cents

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