Agreed – I know that MP3 is lossy, and I understand that WAV and FLAC are not lossy, and maintain the original content accurately.

However considering the quality of the original recordings, I am not sure what we would be losing or missing.

I agree, at 192 kbs or higher, you should capture the quality adequately, with the benefit of a much smaller file size.

FYI: I understand that FLAC only saves about 25% of the space of a full wave file.  If I am moving large files and using mass storage, I might as well go with the more universal wave file.

So I would prefer either WAV or MP3 at 192 kbs or higher.  But I will take any format provided.