It's the standard if you are using a Macintosh. Numerous threads will confirm that it can be converted back to WAV or AIFF with exactly the same number of bits.
As for why not use AIFF. AIFF and WAV are old standards. They were never designed to work with metadata - what is called tagging - meaning all the information that iTunes will automatically go get for you everytime you rip a CD.
Apple Lossless handles this information perfectly affording exactly the kind of flexibility that you are looking for. WAV and AIFF do not. Again a million threads on the subject.
As for why not use AIFF. AIFF and WAV are old standards. They were never designed to work with metadata - what is called tagging - meaning all the information that iTunes will automatically go get for you everytime you rip a CD.
Apple Lossless handles this information perfectly affording exactly the kind of flexibility that you are looking for. WAV and AIFF do not. Again a million threads on the subject.