Zarn_Smith:
Sorry Sounddoc but you are talking guff. You can take a WAV, turn it into a lossless FLAC, WMA, Apple or cycle through all of them and when it gets converted into WAV it is back the same as it was.
Yes you are right that there are minor differences in file size, but the primary reason for the plethora of formats is patents, and loyalty payments.
In the end the quality will be down to the player or DAC. As someone said earlier the choice of lossless format should be made on what you are using to play the file, be it itunes, Windows Media Player, foobar or something hardware based.
Just don't get confused between the quality of the audio format and the device you are playing it on.
Edit: Oh and welcome to the forum
I don't think iTunes does this - when I do a A (Wav)->B (Al)->A (Wav) conversion, the final Wav always sounds worse than the original. iTunes does not seem to 'unpack' the WAV from subsequent rips from what my ears tell me.