A well converted 320 kbps file loses nothing to a lossless file at all. What the lossless files provide is headroom for any mastering changes, similar to how shooting RAW gives much larger files that allow for adjustments. If you take your processed RAW file and compare it to the resulting JPEG, you'll be hard-pressed to see a difference. That is the same way that these lossless files work. Engineers record in formats that are less punishing for adjustments while mastering, then can choose to "lock" their adjustments in by converting to lossy formats, or they can distribute the master files.
There is no sonic benefit to storing these large files unless you're a hobbyist sound engineer, or you like have 1 gigabyte Taylor Swift albums.
I'm not sure this is accurate - a 320kbps file is still an MP3 ("lossy") file,
There are several limitations inherent to the MP3 format that cannot be overcome by any MP3 encoder.
Newer audio compression formats such as AAC, WMA Pro and Vorbis are generally free of a number of these limitations.[51] In technical terms,
Some limitations include:
Time resolution can be too low for highly transient signals and may cause smearing of percussive sounds.[52]
Due to the tree structure of the filter bank, pre-echo problems are made worse, as the combined impulse response of the two filter banks does not, and cannot, provide an optimum solution in time/frequency resolution.[52]
The combining of the two filter banks' outputs creates aliasing problems that must be handled partially by the "aliasing compensation" stage; however, that creates excess energy to be coded in the frequency domain, thereby decreasing coding efficiency.[citation needed]
Frequency resolution is limited by the small long block window size, which decreases coding efficiency.[52]
There is no scale factor band for frequencies above 15.5/15.8 kHz.[original research?]
Joint stereo is done only on a frame-to-frame basis.[52]
Internal handling of the bit reservoir increases encoding delay.[citation needed]
Encoder/decoder overall delay is not defined, which means there is no official provision for gapless playback. However, some encoders such as LAME can attach additional metadata that will allow players that can handle it to deliver seamless playback.
The data stream can contain an optional checksum, but the checksum only protects the header data, not the audio data.
http://en.wikipedia.org/wiki/Mp3