Yeah, but LPCM is not "Lossy", right?
It is the original master quality sound UNCOMPRESSED, right?
And since it does not lose any information, isn't that called lossless?
Lossless is when it is still compressed but no information is lost (FLAC, Apple Lossless, OGG). LPCM is not compressed at all and it is exactly like the original master (wav, aiff). The reason why studios have moved away from LPCM is because it takes up a lot more space on the disc when compared to TrueHD and DTS-HD/MA.
For example the Pirates of the Caribbean: At World's End BD. It contains both TrueHD and LPCM. Now in the PS3 it actually tells you the bitrate that the sound is playing at. TrueHD employs a VBR (variable bit rate) type of compression so you see the bitrate go up and down throughout the movie depending on the scene. If you select the LPCM track it will stay at 4.5Mbps throughout the entire movie. Because of this the LPCM audio file will be a lot larger than the TrueHD file.