QUOTE(Digga @ Jul 14 2006, 11:06)

what other information besides the audio is present? please elaborate, because my guess is that you don't know what you're talking about

No problem.
QUOTE
Why doesn't FLAC store all WAVE metadata?
FLAC is a general-purpose audio format, not just a compressed WAVE file format. There's a subtle difference. WAVE is a complicated standard; many kinds of data besides audio data can be put in it. FLAC's purpose is not to reproduce a WAVE file, including all the non-audio data that is in it, it is to losslessly compress the audio.
People have asked for that in FLAC, but if it were added, then what about similar formats like AIFF? flac can extract and compress audio data in an AIFF file also. AIFF is widely used on the Mac. AIFF users have asked that all AIFF metadata be stored for the same reasons. And it doesn't end there, other uncompressed formats exist.
Also, it would add a lot of complexity to FLAC because non-audio data has to go in the metadata section which is at the beginning of the FLAC file. But in WAVE and AIFF it can go before or after the audio, so the encoding would have to make multiple passes and also store the chunk hierarchy to be able to reproduce it.
There's also other data such as the tag info that allows certain players to see the file information such as the artist and track name that is not stored in the FLAC file. For example Oasis' "Be Here Now" CD contains additional information that allows most of the modern car front heads to display the names of the tracks as they play. If you convert to .flac and then back to .wav you will lose this information, but you will maintain the KEY data of the file; the audio data.
I have over 200 live concerts from various different artists and in my experience with FLAC the majority of files compress to around 50% of the original file size.
QUOTE(Digga @ Jul 14 2006, 11:06)

it's more like 60% overall.
Actually at the default setting of 5 you'll get compression of about 52-53% - if you have the time and choose maximum compression you'll get down to an average of 50% compression. There are of course going to be some files in an album that hit 60-70% compression and others that compress down to as low as 30%, but overall you should be able to take most albums and reduce them to around 50% at maximum setting.
Cheers,
~burkey