Here's something to get you started - http://www.head-fi.org/t/570621/flac-vs-320-mp3
Be very careful picking your way through the BS when people claim massive differences between properly encoded lossy files and lossless (I'm talking about 256acc / mp3 320). You'll find most people who say they can easily tell them apart have never performed a properly volume matched abx test (and this is actually very easy to set-up - all you need is foobar 2000, the abx plugin, and a decent ripper and encoder).
My advice - read some threads (search function is great), and rather than ask opinions, perform an abx yourself.
You'll probably find you are like most of us - that aac256 / mp3 320 encoded properly is pretty much transparent when tested under controlled situation.
Download foobar2000, install the ABX compararator,...then decide for yourself.
Too many will claim FLAC is better, ALAC is better, WAV is better, etc. Test for yourself, try to do a blind test, then DECIDE WHAT'S BEST FOR YOUR EARS. I think you'll notice that most people are not able to tell the difference. In a high end HOME setup it quite possibly will sound better,...maybe.
Me, lossless is for archive purposes, and lossy is for portables.