w00t, test results done.

10-11 hours with Ogg Vorbis -q6, maybe an hour more with FLAC -q5, and 15-17 with --alt-preset standard MP3. No EQ was used. Ogg Vorbis rapes the battery life at the moment, yet still beats the measly 7 or so hour battery life of the iPod.
My personal opinion, is that FLAC is not right for this player until future firmwares are released. Even after it's loaded a 35 MB FLAC file(at -q0) into the buffer, fast forwarding and rewinding through tracks takes an insanely long amount of time, so much so you may want to restart the player occasionally. You can still use it, yet I'd recommend you don't fast forward or rewind through tracks when finishing.
Also, switching between MP3s is gapless. I could have 130 MP3s set to play through, yet after 5 seconds or so, hitting next and back will have a gapless transition to the next track, even if I go through every track I have set to play. It's instant load time. With Ogg Vorbis and FLAC, it takes about a few milliseconds less than a good quality CD player does to load the next or previous track.
I'm using MP3 with this player now, since I never really realized until now, just how many hours of the day I use the player for portable music. I need 13 hours or more. I could get this at -q3 Ogg Vorbis, since the difference in decoding power needed for -q3 and -q6 on this player is quite drastic, yet I want a higher quality for this.
So, until newer firmwares come out, this is how it stands with me so far. Hope this helped someone.