While I agree 128kbps has audible problems (much worse in MP3 than AAC, though), your typical (not all, though) studio probably has worse speakers than the average American.... Well, maybe not since that's probably pretty darn low too. The point is that they purposely use less than ideal speakers because most mix for the lowest common denominator.
I don't agree with that method. What sounds good on a high-end rig should sound decent on a low-end one. My best sounding albums still sound find in stock car stereos, etc., but the opposite is NOT true. Many albums that sound OK on cheap systems, often sound HORRIBLE on high-end systems.
Having said that, my own testing with 256kbps AAC cannot show an audible difference from the CD or even my own 24/96 masters (good for headroom while recording, though). Similarly, 320kbps MP3 sounds transparent to me as well. I used to talk to one of the engineers behind AAC and they went to Hell and back to make sure it was transparent as possible at low levels, let alone the higher ones which always DBX transparent.
This is why AAC-HE is at least listenable whereas similar rates for MP3, etc. are beyond horrors to listen to. On the video front, notice how H264 goes 'soft' as encoding gets tight instead of "blocky". It's far less objectionable to the eye and such is how AAC is to the ear compared to those god-awful cymbals and 'flange-like' sounds MP3s break down into as the bit-rate drops.
As defined by whom? You? What makes it universal? Is Linux universal? Open source doesn't make something the de-facto standard, you know. Personally, I couldn't care less about format wars. Apple Lossless is just as lossless in nature as FLAC and in fact, it's very simple with utilities to convert between the two formats with NO LOSS what-so-ever. I use ALAC where appropriate (for my DTS CDs, for example) precisely because it is supported in iTunes and I need to work on my Apple-based whole house audio/video system. And having video (including photo slideshows) options in every room in the house trumps something like Squeezebox or Sonos any day of the week, IMO. I've got the option for audio only rooms or audio/video rooms and I'm up to 6 rooms at this point (4 audio/video, 2 audio only). Yeah, it would be nice if iTunes supported 3rd party formats as plugins or something, but I've got to choose functionality over mind games. ALAC is no longer closed, so it's moot.