Yes, I think the biggest difference is in the higher range of frequencies. The uncompressed version has more "air" to it, the sound feels more "complete", more "alive", a bit less dull. Some details (like the cello bowing) are revealed by such frequencies. But the difference is probably not so relevant in many real world listening situations.
It would be nice to have a 24 bit option too, I'm sure this has been requested already.