256/320 is just as good as lossless for most people. And no need to rip at 1411kbps... FLAC or ALAC has the exact same output in the end.
What's really important is the actual recording quality. A well recorded and mastered 128kbps MP3>>>>>>>>>Poorly recorded lossless/uncompressed file.
Encoding process. I have two Offspring albums I "downloaded" that were 320kps mp3 and had terrible high pitched artifacts and I had to delete them. Most of the time 320kps mp3 should be very good.
Then again I had two Juno Reactor albums for years @192kps I "downloaded" I recently bought them on CD for a lossless copy, so maybe i'm anal about that. Either way, it's nice to not have a shadow of doubt in your mind about source quality.