It's not enough for me, but I have over 6,000 songs downloaded on my phone, many of them lossless.
Curious do you notice the difference in audio quality playing the lossless out the iPhone's DAC in typical listening environments?
While I try to keep all my music as high fidelity as possible, I mostly listen to music from my iPhone at the gym. Where I am not sure I could tell the difference between AM and FM...