QUOTE(Hancoque @ Dec 15 2007, 02:54)

@Alex B: It's a normal behaviour of lossy audio codecs to produce samples above 0 dB even if the source material doesn't have any samples above that value.
I am well aware of the phenomenon.
QUOTE
Just letting these samples clip is in no way beneficial.
I claimed that the difference between clipped or clip prevented mp3 decoding is not ABXable and if peak normalizing is going to be used in Audition the additional peaks would possibly produce arbitrary results. I would like to know why preserving these peaks is beneficial. Possibly you know something that I am not aware of.
Maybe you have not inspected how the differences show up at the sample level.
Here is an example of a clip prevented wave form. I decoded it with foobar using a -4 dB replaygain correction (the MP3 source file had an about 1.5 peak value). The screenshot shows 2 ms of a loud cymbal crash (at 44.1 kHz).

Here is the same file when it is decoded directly to 16-bit wave without any correction. The volume level is reduced by 4 dB in the audio editor afterwards.

As you can see, only some peaks with a duration of one sample are different (i.e clipped) - the rest of the wave form is identical.
Here is the original wave form of the source file (after adjusting the volume level -4 dB)

Despite the visible differences in the wave form the average volume levels of these three files are about the same, but the clip prevented MP3 file has some, up to 4 dB louder, peaks of a duration of 1 or 2 samples.
In this case the MP3 wave forms are more different from the original than I have usually seen, but as I said, the screenshots are from a loud cymbal crash. The complete 30s audio sample is clearly ABXable from the original so it is not strange that the screenshots are very different too (the MP3 file was encoded at -V5).
I used Wavelab for these wave form displays. The same things can be evaluated with Audtion, but in my opinion the Wavelab display has better legibility in screenshots.
Edit: fixed a couple of typos