I found some info on wiki, quite interesting.
Can read the section under "Audio quality".
http://en.wikipedia.org/wiki/MP3
"As well as the bit rate of the encoded file, the quality of MP3 files depends on the quality of the encoder and the difficulty of the signal being encoded. As the MP3 standard allows quite a bit of freedom with encoding algorithms, different encoders may feature quite different quality, even when targeting similar bit rates. As an example, in a public listening test featuring two different MP3 encoders at about 128kbps[2], one scored 3.66 on a 1-5 scale, while the other scored only 2.22. Quality is heavily dependent on the choice of encoder and encoding parameters."