FLAC, Apple Lossless and WMA Lossless are the same idea as ZIP - lossless compression of the data, which saves space but allows WAV-quality playback. iTunes will rip and play apple lossless (obv), FLAC is available from other media players like Foobar, EAC, dbPoweramp blah blah, and Windows Media Player will do WMA Lossless. They are all equivalent sonically* so it depends on your choice of media player and whether you want to stream it to another client, as not all wireless streamers support all lossless formats.
*discuss