QUOTE(dannyb37 @ Jul 25 2007, 21:36)

Something that crossed my mind, what if a new version of the Lossless encoder (I will use flac) came out, with a higher compression method, is it worth transcoding that?
Unless its major I'm thinking not, but whats your opinion.
Luckily lossless codec development is being continued as we see right now and have learnt especially from TAK develeopment.
Anyway compression ratio of different codecs and versions do not differ much on average with the usual codecs. Moreover this shows that we are supposed to be pretty much near the end of what's achievable. So it's hard to imagine that any reencoding of a current lossless codec will make much sense.
There are some things to be considered however when chosing a codec right now:
a) Is best compression ratio with sufficiently good speed for encoding and decoding of highest concern to you?
Than good old Monkey (MAC) extreme high (-c4000) is a very good choice IMO - at leat in case your pc isn't very old (max. ~ 5 years).
b) If you care more about speed especially on the decoding side while having average compression ratio not far from MAC extra high than maybe TAK is your best choice.
Decoding speed is of concern if you plan to transcode often to lossy codecs or listen to the losslessly compressed music on pc and want this to be only a negligible burden for your CPU.
c) If your highest concern is widespread use and hardware support for DAPs with other properties similar to TAK's then maybe FLAC is your best choice.
d) Interesting is wavPack because wavPack can be used not only in pure losssless but also in hybrid mode. With hybrid mode you can create a comparatively small lossy file together with a correction file. Using both together makes up for a lossless encoding. For instance you can store the very high quality lossy files on your pc and the correction files on dvd or ext. HD. For transcoding to mp3 or whatsoever you use the correction files together with the lossy files (you have to temporarily copy them to the folder(s) with the corresponding lossy files). For enjoying music on your pc you just listen to the top quality lossy files stored on the pc.
Top quality of the lossy files is achieved by using a considerably higher bitrate than you do with mp3 etc. But that's still essentially a lot lower than that of the lossless encoding (files roughly half the size of losslessly encoding depending on your needs).
You have a lot of choices. For instance you can forget about the correction files and just use lossy files but with extremely high quality. These top quality lossy files are very well suited for transcoding to other codecs.
For DAPs which can make use of free Rockbox firmware wavPack files (no matter lossless or lossy) can be played and are efficiently decoded. (I use wavPack very high quality lossy on my DAP and I'm happy with it.)
e) For mere PC use remarkable codecs are also LA and OptimFrog.
Both can be used for getting an even better compression ratio on average than that of MAC extra high.
Speed however is not impressive. OptimFrog is remarkable moreover as it has a hybrid mode like wavPack.
I personally use MAC extra high for my lossless archive. If I would start my lossless archive right now I would seriously consider using TAK or FLAC apart from MAC. Guess I'd use TAK with all I know now about my lossless usage - I have transcoded my lossless archive pretty often to various lossy codecs. But MAC's decoding speed isn't pain at all so I will not transcode to TAK.