by high quality are you only referring to file quality or are you referring to hardware quality as well?
file quality:
this depends on your ears and what you perceive as sufficient as well as what hardware you have. lower grade headphones/speakers may be unable to pick up distortions in sound like higher end headphones do.
before i had nice equipment file quality was not much of an issue to me. i used to have mainly 128kbps mp3s or stream music at 92kbps and be happy.
once i upgraded to a nice sound system and studio headphones all of my music needs to be at least 192kbps mp3 (preferably 256kbps) or AAC at minimum and i need to stream radio at only the higher quality streams or i can literally hear the distortion due to poor file...