I use lossless for my collection, still adding as well. It sounds amazing. You can also use
Metax to tag extra information if need be as its an .m4a file. Plus, if you have an iPhone, Nano, Shuffle or touch & you want alot you music on the iPod but not alot of space available, you can go over to
dougscripts & download a script to copy lossless file to the iPod with on the fly converting to .acc files. Really handy.
You can use lossless on ipod/iphone as normal if you wish but, its also compatible with the Apple TV.
Its most certainly worth the time. But like previous post's, it's only worth it when ripping from a fresh CD or Vinyl. No point what so ever upconverting, doesn't do anything apart from making a .mp3 or .acc file bigger on the HDD for absolute no reason.
Hope that helps a bit more!?