MPC is the best lossy codec for high quality archiving and playing music.
But since a few days there is a really interesting thread here at HA about Wavepack.
(you find it quick by search all forums)
here it is... :
http://www.hydrogenaudio.org/show.php/act/.../ST/f/32/t/8416www.wavepack.com
If you don't mind 264 kbit/s or 320 averaged bitrate, wavepacks lossy or especially the hybrid mode (both in setting high quality) results to great quality.
The hybrid mode is a combination of a lossy part, and a lossless part.
As somebody mentioned and tried/reported already in that wavepack thread, it should work, to combine MPC and a lossless codec, perhaps flac, to hybrid mode.
The advantage to wavepacks hybrid mode would be:
for the lossy part would be smaller bitrates possible (than those min. 264 kbit/s), like q5-q7 or q8 in MPC, and best quality for these small MPC bitrates.
The additional lossless part (which contains the difference-wave between the original wave and the decoded mpc-wave) offers the possibility to restore the whole original wave, like in wavepack.
It should be possible to program something, which plays even the hybrid consisting of "mpc & flac" or "mpc & lossless".
so, already now Wavepack hybrid is a great format.
I started trying it yesterday in hybrid mode at a bitrate of the min. of 265 kbit/s (high setting) for the lossy part.
That sounds great.
The idea of having a lossy small part, which can be played on its own, and another file for restoring the whole wave losslessly, this is just a great idea.
So, the best out there:
MPC, or WavePack Hybrid
perhaps in future:
a hybrid based on MPC ?!