I can tell 320 from lossless. That said, I refuse to convert my music to Apple. I use iTunes and have an iPod. I haven't figured out how to fill it with flac. I don't need three different formats clogging up space, so I use .wav. If I could use flac on my iPod, I'd do that.
Even so, most of my listening is from my netbook setup. .wav allows me to do both and not have to duplicate my collection. If someone has a better way, I'd be very happy to listen. LoL
EDIT: BTW, to convert your wav to flac I suggest using the flac frontend. I find it converts much faster than DBPoweramp or any other software.