This article is from the MPEG FAQ, by Frank Gadegast phade@cs.tu-berlin.de with numerous contributions by others.
Well, for details you should study one of those AES papers or MPEG
documents listed above. The main result is that for low bitrates (64 kbps
per channel or below), Layer-3 always scored significantly better than
Layer-2. Another important conclusion is the draft recommendation of the
task group TG 10/2 within the ITU-R. It recommends the use of low bit-
rate audio coding schemes for digital sound-broadcasting applications
(doc. BS.1115).
 
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