I re-ripped my CD collection a few years back, and after pondering formats, I realized that for listening around the property, FLAC is perfect (Plex handles it, PlexAmp is nice). And if I really want to stuff more stuff on a smaller drive for the car or something, I can transcode down from FLAC and still have the lossless originals.
It's the same reason my DVD rips from our collection are just MakeMKV wrapping of the original MPEG2. Yeah, I could save some space by transcoding... but disk is cheap, and it's just not worth the hassle. Rip to lossless and go from there.