"less difference" than ...what? 64kb/sec fixed bit-rate MP3 and CD? Yes! Certainly!
I think it is a misnomer to call any lossy-compression file "CD quality," because it isn't. Even if 500 out of 500 people fail to tell the difference, it
still isn't. And I say that even though I may well not be able to tell the difference between a CD and a 320kb/sec MP3 rip of it.
<<< EDIT: The rest of this post id probably irrelevant, as you are using CDs only, not a PC --- but if you can compare formats on a PC it could be interesting, so I won't delete what follows. Feel free to skip it!
>>>
Please try ripping your CD to FLAC, which is not a lossy format, and, theoretically should give you
exactly the same (excepting the data path may be different) result.
Try ripping a track to WAV, MP3 and FLAC and comparing them. Compare them in short snatches, but also compare them in longer listening sessions, in case you can determine the lossy-compression fatigue symptom.
Do try to set up a system, or enlist help, so that you can compare blind. It would really help the test if you are not biased by knowing what format you are hearing.
Then, please post your results. That will be interesting.
If, on the other hand, you can't be bothered with too much experimenting, and just want to rip your music and then listen to it, then the best theoretical result is going to come from
lossless compression. Stick with FLAC. That way, you know you are giving your on-hdd music the best possible chance.
(Or no compression, which is what I did for years, until I realised that WAV files denied me the useful features of tagging)