I have tried some Super Nintendo rips since that outputs at 32Khz. Also I can confirm that Nero AAC does pretty poor at low sample rates.
foo_abx 1.3.4 report
foobar2000 v1.1.8 beta 4
2011/08/14 10:47:38
File A: C:\Games\Rips\SPC (SNES)\fzero.rar|Big Blue.spc
File B: C:\Temp\Big Blue.m4a
10:47:38 : Test started.
10:48:31 : 01/01 50.0%
10:48:39 : 02/02 25.0%
10:48:48 : 03/03 12.5%
10:48:55 : 04/04 6.3%
10:49:07 : 05/05 3.1%
10:49:14 : 06/06 1.6%
10:49:27 : 07/07 0.8%
10:49:50 : 08/08 0.4%
10:49:57 : 09/09 0.2%
10:50:08 : 10/10 0.1%
10:50:11 : Test finished.
----------
Total: 10/10 (0.1%)
Obvious warbling artifacts.
foo_abx 1.3.4 report
foobar2000 v1.1.8 beta 4
2011/08/14 10:58:37
File A: C:\Games\Rips\SPC (SNES)\fzero.rar|Port Town.spc
File B: C:\Temp\Port Town.m4a
10:58:37 : Test started.
10:58:51 : 01/01 50.0%
10:58:55 : 02/02 25.0%
10:58:59 : 03/03 12.5%
10:59:04 : 04/04 6.3%
10:59:15 : 05/05 3.1%
10:59:21 : 06/06 1.6%
10:59:27 : 07/07 0.8%
10:59:35 : 08/08 0.4%
10:59:42 : 09/09 0.2%
11:00:05 : 10/10 0.1%
11:00:06 : Test finished.
----------
Total: 10/10 (0.1%)
Nero AAC does very poorly with the highs.
foo_abx 1.3.4 report
foobar2000 v1.1.8 beta 4
2011/08/14 11:03:04
File A: C:\Games\Rips\SPC (SNES)\sf2.rar|Street Fighter 2\Sf2 - 08 - ken.spc
File B: C:\Temp\Sf2 - 08 - ken.m4a
11:03:04 : Test started.
11:03:23 : 01/01 50.0%
11:03:32 : 02/02 25.0%
11:04:14 : 03/03 12.5%
11:04:19 : 04/04 6.3%
11:04:32 : 05/05 3.1%
11:04:43 : 06/06 1.6%
11:04:55 : 07/07 0.8%
11:05:02 : 08/08 0.4%
11:05:09 : 09/09 0.2%
11:05:16 : 10/10 0.1%
11:05:21 : Test finished.
----------
Total: 10/10 (0.1%)
Same problem as the other samples.
LAME V7 vs Nero q 0.35
foo_abx 1.3.4 report
foobar2000 v1.1.8 beta 4
2011/08/14 10:53:12
File A: C:\Temp\Big Blue.m4a
File B: C:\Temp\Big Blue.mp3
10:53:12 : Test started.
10:53:22 : 01/01 50.0%
10:53:29 : 02/02 25.0%
10:53:54 : 03/03 12.5%
10:54:02 : 04/04 6.3%
10:54:26 : 05/05 3.1%
10:54:44 : 06/06 1.6%
10:54:51 : 07/07 0.8%
10:54:56 : 08/08 0.4%
10:55:08 : 09/09 0.2%
10:55:24 : 10/10 0.1%
10:55:26 : Test finished.
----------
Total: 10/10 (0.1%)
LAME sounds far better then the Nero AAC encode. The bitrate difference is huge though, Nero AAC is 51kbps and LAME V7 was 101kbps.
The bitrates seem to pretty low with Nero AAC, which lvqcl discovered.