Try it yourself and do a listening test (preferably get a friend to help you do a double-blind test). I doubt you'll be able to tell them apart.
Files that are matched to songs in the store will be made available as 256kbps. AAC files that are not matched will be uploaded as is.
Thanks, Rigby. I was thinking about doing a test as you suggest, though I'd probably want to do it on iPhone, MacbookPro and our home stereo system to determine range of variance on the devices we use for listening to music. I imagine anything other than, possibly, home stereo system would probably not be noticeable.
So if I have 320 AAC file on my MacbookPro, then iTunes Match will either provide (in the cloud) a 256 matched AAC if match is available or upload the 320 AAC file if no match is found, but nothing happens to the file on my MacbookPro, correct?