It's nice to have a lossless format because you can always get lossy from it, but you can't do the opposite.
It's nice to have a lossless format because you can always get lossy from it, but you can't do the opposite.
Arguments about sound quality are in my experience largely doomed to failure; they usually end up devolving into meta-arguments about testing methodologies. (And invariably mocking audiophiles about $2000 USB cables or whatever, an argument I've grown really, really weary of seeing despite agreeing such things are profoundly silly.)
As far as people saying 320k MP3s vs Uncompressed WAV or FLACs sound no different, then they simply are not using good enough audio equipment. Throw into the mix the Hi-bitrate audio files that are becoming quite common (and you really can tell the difference between standard CD audio and hi-bitrate) and MP3s start to look completely unsuitable for long term music storage.
Also... don't get me started on the rubbish quality of streaming and DAB radio.
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[1] I started with WAV 10+ years ago, and kinda stuck with it - storage is cheap; I feel no need to change formats just yet.