Citing a bitrate doesn't impress me and is not a tell all as to audio quality as hi-res lovers want to believe.
There is more than bitrate to audio quality.
As for compression first losing ambience - it's not that simple:
"Previous research has shown that MP3 compression changes
the similarities of musical instruments, while other research
has shown that musical instrument sounds have strong emotional characteristics. This paper investigates the effect
of MP3 compression on music emotion. We conducted
listening tests to compare the effect of MP3 compression
on the emotional characteristics of eight sustained instrument sounds. We compared the compressed sounds pairwise over ten emotional categories. The results show that
MP3 compression strengthened the emotional characteristics Sad, Scary, Shy, and Mysterious, and weakened Happy,
Heroic, Romantic, Comic, and Calm. Interestingly, Angry
was relatively unaffected by MP3 compression"
source:
https://sure.sunderland.ac.uk/id/eprint/15838/1/bbp2372.2016.080.pdf
Btw, they used very low bitrates.
Atrac stereo bitrate is 292 and comparable to 320 mp3: 99% of people cannot discern higher bitrates, so there is no point in asserting minidisc didn't sound half as good as CD.