QUOTE(Synthetic Soul @ Oct 17 2005, 11:10 AM)
I'm not going to tell you what codec you should use - please see
the wiki quoted above.
However, I would just like to say that I only recently realised that compression ratio is really not so important compared to things like error tolerance. I switched from Monkey's Audio at the expense of around 5GB of space. However, I have a 300GB drive that cost me around Ģ85, so I believe this space is negligible compared to the ability to not totally lose a file due to one small error.
I can confirm this having tried FLAC and wavPack. Compression ratio doesn't differ very much. I would rather consider things like: will hardware player support for that format will become an issue one day? Than I would prefer FLAC, as this is going to be the best supported format there (apart from ALAC in the apple world).
If for your MPC use there might be an alternative with the hybrid codecs like wavPack. You can get high quality lossy wavPack together with a correction. Using them together with foobar for instance yields a lossless result. File size of lossy + correction file is pretty much in the lossless only range. Hardware player support for wavPack is with Rockbox firmware anf iRiver H1x0 players.