iTunes Importing?

Check this out

http://en.wikipedia.org/wiki/WAV

FLAC, AIFF, and WMA are all Lossless formats and are recommended. Yes you can use lossless on large HD.
For 300 Cd's you will need approximately 120 GB for FLAC or WMA; and 240 GB for AIFF or WAV.
I use FLAC for its quality and because it is about half the size of AIFF. FLAC don't work with itunes. AIFF does, but I do not recommend it for ipod because of a very large file size.

If you use a PC you can use MediaMonkey to automatically convert your FLAC collection on the fly to a set max bit rate to your ipod. I have mine setup to downgrade it to 320kb Variable Bit rate MP3. It takes some time, so make sure you have a current (recent high horsepower machine).

Is there a way to change the format of files downloaded from iTunes Store?

I just downloaded some Bill Frisell songs into iTunes and then burned a CD for use on my red book player. I am not completely happy with the quality - not terrible, but not top notch either. As far as I can tell, iTunes does not allow you to change the download format from their iTunes Store which defaults to AAC, you are only allowed to modify the format for importing from CDs to iTunes. Is this correct? I have some chamber music I downloaded from itunes in AAC format that sounds terrific - makes me wonder how good a store bought version would sound?

I don't use an ipod because I am disappointed with the quality and typically don't listen to music on the go, so I am only interested in acquiring music that is as high in quality as possible for burning to disk, and not concerned with storing except on CD. For making custom music collections from one CD to another, I usually just burn with MAC or Windows disk management software, and skip itunes altogether. I typically notice a real improvement in quality by doing this. iTunes is helpful for making custom CD labels with artist, disk name and song list.

Is there a way to change the format of files downloaded from iTunes Store?

You have 2 big problems with files downloaded from itunes store. First, i am pretty sure you cannot convert these to a non-DRM format (e.g., mp3, wma) b/c itunes wants you to use the files ONLY in itunes or on an ipod. If someone has figured out how to break these restrictions, i haven't heard about it. Second, the file you downloaded from itunes store is almost certainly compressed to 128 kbps. That level of compression, by definition, DESTROYS any hope of a decent sounding file.

Bottom line is that itunes store is almost worthless if you care how your music sounds.