Lossless formats have tradeoffs. FLACs are much smaller and tags (embedded artist, album, and track data) are part of the official standard. WAV has more player support just because both Micro$oft and Apple refuse to support FLAC in their players because they want to force everyone into their own proprietary lossless formats.
Foobar2000 is a very good (and simple to use) if slightly crude looking free FLAC compatible media player and there are perfectly functional free versions of
MediaMonkey and
WinAmp. Storage is cheap enough that it's just a matter of a choice between of if tags and file size or universal compatibility are more important to you. The nice thing is dbPoweramp will convert WAV to FLAC and FLAC to WAV with no loss in quality.
Getting back to MP3s a nice thing about dbPoweramps's converter is that it lets you choose a single file(s), or album(s), or the entire directory tree and then convert and file them as a batch. The only thing I'm not sure of is how (or if) it identifies and tags songs when creating MP3s from untagged WAVs. It needs to be able to identify songs if you want it to automatically tag MP3s and file them in a separate directory tree. During the CD ripping process it's able to identify the CD and compare it to an online music database and then automatically tag the songs with artist, album, and track data based on album information in that database.
