Whether or not you can actually hear the difference depends on the quality of your listening environment, including (in rough order of importance) your own hearing, the room, the speakers and the audio and video electronics.
DVDs use lossy compression in their surround-sound Dolby or DTS audio tracks, although some include lossless PCM stereo tracks. Also, for Dolby, at least, they can use any of several different levels of compression and resulting loss of quality. Still, I was quite surprised at how good some of the early music DVDs sounded, even though they didn't use the maximum bitrate available. The psychoacoustic principles that the compression techniques are based on are quite effective. A simplistic example is that a quiet sound at one frequency is easily made inaudible by a very loud sound at another. Also, when video is included, many people are sufficiently distracted by what they see that they are much more forgiving of the sound.
Most (but not all!) BDs use lossless compression for their primary tracks, so you can be sure you'll hear every nuance included by the people who mixed the audio tracks. Which lossless compression is used doesn't matter, of course -- LPCM, Dolby TrueHD or DTS HD-MasterAudio -- lossless is lossless. What matters is the quality of the mixing performed on the audio by the studio.
Marantz SR7009 avr + MM9000 amp --> Atmos 7.1.4
Fronts=NHT 2.9+AC2, FH+TM=DefTech PM1000, LCR+TM amped