[Meeotch]

Thanks for all the replies! I'm leaning towards keeping my entire library as WAV and using lossy compression for portable use. Still, I'm not convinced one way or the other about FLAC. I would like all my files to have tags like album artwork integrated into the file, but after this discussion it's not clear that WAV supports this? How would I go about adding artwork to a WAV file?

 

[Ladyfingers]

There's really no harm in going to FLAC, which supports all your requirements. If you need WAV, you can just convert from FLAC, as it's lossless.

 

[Ladyfingers]

One of the ways to add artwork is to simply place the image in the album's folder and renaming it to "folder.jpg". Quite a lot of software will display it as the artwork if you do this.
 
I even managed to configure miniDLNA to serve MP3s to my PlayStation with artwork using this method.

 

[Music Alchemist]

  Thanks for all the replies! I'm leaning towards keeping my entire library as WAV and using lossy compression for portable use. Still, I'm not convinced one way or the other about FLAC. I would like all my files to have tags like album artwork integrated into the file, but after this discussion it's not clear that WAV supports this? How would I go about adding artwork to a WAV file?

 
I use dBpoweramp for ripping CDs, converting files, adding tags and artwork, etc. It can even do many things automatically.