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Personally, I can hear a difference between a WAV and MP3 when I compare them on a good pair of headphones or monitors. The difference isn't really that great. Obviously, WAVs tend to sound brighter and more pronounced. Now in a club environment, it's a bit hard to tell whether a djs playing WAVs or MP3s. But when a dj that plays MP3s follows one that plays WAV or vice versa, the difference in sound quality is more obvious. Echoing what others have said, I agree that MP3s sound just fine if they are mastered and encoded properly.
As rulzz mentioned, a set of WAVs is easier on the ears. This all depends on the quality of the sound system at the end of the day. Also, factors such as how packed the club is, whether people are chatting or not, and whether the mixer is being reclined or not all determine your ability to enjoy the extra clarity of WAVs.
I just wish that WAVs weren't as expensive and large in size as they are. I've though of using AIFF or FLAC, but I've stuck to MP3s for the time being for the sake of functionality. I do buy tracks that I really like as WAVs and encode them into MP3s. Those WAVs will come in handy once I have a large enough vinyl collection to play them with.
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Soundcloud
Resident Advisor
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