I love FLAC due to the fact that I can convert it back to .WAV without losing audio quality. You simply can't do that with 320kbps mp3. Mp3 is always going be a lossy format using the "LAME" encoder. Which I thought was a horrible name for the mp3 encoder just proves how obsolete it is. Mp3 was a useful commodity back when people only had 256MB, yes MB hard drives in the early 2000s. Now with my 2TB hard drive I can hold as much as I want I just heard Rush 2112 in FLAC 24-bit 96khz. Sounds absolutely amazing, I can easily tell the difference between a FLAC and mp3 but like MShenay said, the audible differences between 16-bit and 24-bit are not perceivable based on science of the human ears. People will forever debate 16-bit vs 24-bit and sometimes I think 24-bit sounds better but it would take more than just an ABX test but measurements.