The one thing you probably want to avoid is regretting your choice and ripping your collection again because you opted for the lesser format on the first try.
And if you really need the occassional lossy copy it's trivial to quickly create one with XLD or similar tools.
I'm sorry if I sound more upset by this than I should be, but ripping an entire record collection is a time intensive task and you're cutting corners on an issue that doesn't save you any effort, but might actually cause more someday.
Many people subscribe to Spotify even if they also subscribe to Prime because Spotify has more music. Apple Music is one step further.
Publishing to a streaming service isn't always a good deal for small acts. It's important for independent musicians that some music listeners are willing to buy directly from them to decrease their margin. In addition, even some larger bands, Tool being a prime example, are absent from streaming services. I'm concerned with how much power streaming services will have as they consume a lager and larger part of the music industry. It creates a new cultural gatekeeper, and the internet is best when is removes cultural gatekeeper.
However, iTunes Match's file size/length limit (200mb/2 hours) means that I can't upload many of the DJ mixes I'd like to have in the cloud. That and the fact that I love Spotify's recommendations means that I end up using Spotify most of the time, but have all my mp3s uploaded to Google Play. Works OK, but I'd rather have them all in one place!
It had taken me ages to build up in the first place and fixing it afterwards was a painstaking manual labour which took weeks and weeks and weeks.
Needless to say, I won't allow another Apple music-product near any of my files ever again.
Edit: This thread brings back memories. I can't tell how many times iTunes have formatted or deleted all music on my iPods and iPhones over the years, forcing me to re-copy or re-sync everything. Again
I really, really, really won't let Apple touch my music-files ever. So much wasted time....