Cheers for that.
Yeah, I didn't mean the file was lossless in a traditional sense, I just meanrt the act of exporting the file would result in a file that would be identical to the original, i.e. lossless.
I tried exporting a photo and importing it back in to iphoto and the files were exactly the same. Same dates, title, file size, resolution, etc. So I guess I've answered my own question!
Thanks again for the replies.
BTW, what are RAW files? I think my camera take shots in JPEG format. I guess top-end camera shoot in RAW?