One other thing to consider, over which you have no control..
The recording itself. Nowadays, a lot of recordings could care less about sound quality and go for the mix that sounds the loudest. Read that as overly compressed with tinges of distortion creeping in.
With those recordings (and their name is legion), the codecs and media you use are less important than the recording themselves, many of which are far, far beyond redemption.
You can try this yourself. How many current "pop" CD's have you listened to that really show off your system to it's fullest?
And you really can't blame them. "Audiophiles" aren't their market. The vast majority of people who pay for this mediocrity don't care about sound as long as they can get the music cheaply and hear them clearly over an inferior (in our eyes) system and, most likely, in a noisy environment.
And, it's not likely that an "audiophile" recording will surface of the same music. There are a few companies that care (Reference Recordings, Mapleshade, reissues from MoFi and the like) but their catalog is limited.