IMHO: Lossless is excellent for high quality earphones, and for playing through a decent stereo. I've no understanding of the other high quality formats (flac?). AAC compression is better than MP3 compression at any given bit rate, but limited to Apple devices as I understand. MP3 is more universal but takes more space for any given level of sound quality. The sound quality jumps are substantial when you go from 128 to, say, 256 or 320. The quality improvement from 320 to lossless is very noticable on a high quality audio system or high quality earphones, but subtle otherwise.
My two cents.
Art
My two cents.
Art