Just thought I'd jump in here and offer an explanation of what "Lossless" means.
Essentially there are two types of file formats "Lossy" and "lossless". Audio files that offer smaller size are usually lossy, as they take out audio frequencies (that it thinks you can't hear) to acheive that smaller size. If the file is encoded at a high bit rate, this removal of frequencies is barely noticeable. However, at low bit rates the high frequencies will start to sound watery and verry unnatural. File formats such as MP3, OGG, AAC, and WMA are all lossy formats.
On the otherhand, lossless files are larger in size, yet all of the audio data is there. File formats such as WAV, AIF, and FLAC are all lossless. FLAC files give you the best of both worlds, as they offer a smaller file size (if compared to WAV), without losing frequencies.
One final note about lossy and lossless files: converting a lossy file to a lossless file will NOT improve the quality. Lossless files only sound as good as the source material. So if your source is a low quality MP3, then the resulting lossless file will sound just as bad. This process of re-encoding files is known as "transcoding" and should be avoided if at all possible. Hope this information helps.
CEvans
