Lossy and Lossless Audio compression

[deedeeramain]

I see the advantages of FLAC and think I need to reconsider my 
archiving system.  

I rip my CDs using Easy CD-DA and convert to Ogg Vorbis. The 
settings in Easy CD-DA give you the usual compression options and 
the best (ie most minimum compression) is labelled 320-500kbps hence 
the 500kbps that was confusing some of us. 

Ogg Vorbis (.ogg) was supposed to be similar to .mp3 but open source 
and slightly superior tho. I confess I could not tell the difference 
between two files ripped with the different codecs!

Now, memory is less of a concern so I guess I need to trade up to a 
lossless form of compression but why FLAC? A majority of the files I 
see floating around with lossless compression are Monkey's Audio 
Compression (.ape) files.

Maybe FLAC is superior but so was OGG and it (OGG) seems to be 
falling by the wayside a la betamax!

Anybody have any convincing arguments for one or the other?

Cheers!

DeeDee