With all due respect to Alex, I think the comments about AAC+ (these days better known as HE-AAC) are misleading.
All HE-AAC streams rely on a technology called SBR (Spectral Band Replication), a brilliant system invented by a Swedish company called Coding Technologies which was first publicly revealed in 2001. It became an official MPEG standard in 2003. SBR is used when streaming in any HE-AAC variant regardless of bit-rate or HE-AAC version. The main stream encoder does its job at half the desired end result sampling rate. In the case of most typical radio streams, that main stream is done at 22.05kHz sampling rate which makes it impossible for anything above 11kHz in the audio band to be included in the base stream. To avoid possible aliasing the audio going into the main encoder is typically filtered so nothing above 10kHz goes in.
Magic then happens at the decoding end. SBR includes a side stream of hints for the decoder to replicate the highs that would otherwise be there if the stream was done at 44.1kHz sampling rate. Highs from 10kHz to 20kHz get put back in to the audio by the SBR part of the decoder for playback. It sounds very convincing and seems to be full bandwidth audio even though the highs are a replication. Subjectively HE-AAC can sound better than most analogue FM stereo reception since it's immune to multipath interference, the effects of pre-emphasis at the transmission end, pilot tone leakage and other nasty things that can adversely affect FM stereo radio reception.
I currently stream my stations in 64k HE-AACv1 format and 180k AAC format. 192k mp3 is not bad but I think you'd get better results with 160k or higher AAC if you're striving for audiophile quality.
We briefly had DAB here in Canada. Most stations in Vancouver streamed at 224kbps stereo and some at 192kbps stereo. CBC Radio One streamed in 128kbps mono. MPEG 1 layer 2 sounded very nice at high bit-rates (the 224k stereo DAB broadcasts sounded great) but is a magnitude worse than mp3 at lower bit-rates. I can only imagine how painful DAB must sound in 80k mono! I picked up a portable DAB receiver when they were blown out at Radio Shack for 50% off and briefly enjoyed the amazing quality until the total market failure of DAB in Canada resulted in the shutdown of the service. The receiver's not a total write-off as it also has an analogue FM tuner.
I hope the above makes sense and helps in understanding the possibilities with HE-AAC streaming.
Cheers,
Philip