Between WAV and AIFF I think it's more a matter of which platform you wish to use - WAV for Windows or AIFF for MacOS. When I had a media server I built for Windows, I used WAV. Now that I use a Mac I'm using AIFF. Both support lossless compression, so that's all I worry about really.
The alternative to not being tied down to a specific computer platform is to go with FLAC, but I have not used that format.
For digital audio formats some things to consider is compression (bad, very bad for good sound) vs file size and sound quality. A format that supports lossless compression will give you the best balance between these 3 variables.
When it comes to tagging and meta data, I really don't pay attention to these things, so I can't give you more info there.
The alternative to not being tied down to a specific computer platform is to go with FLAC, but I have not used that format.
For digital audio formats some things to consider is compression (bad, very bad for good sound) vs file size and sound quality. A format that supports lossless compression will give you the best balance between these 3 variables.
When it comes to tagging and meta data, I really don't pay attention to these things, so I can't give you more info there.