I cant imagine a discussion of this sort!!!
Is BMP/TIFF or JPG better? Is AVI or DIVX better? Stupid questions.
Any uncompressed format is better. The compressed formats can be of 2 types. Lossy/Lossless. It depends. A compressed lossless format has lesser compression rate than a lossy one.... as u, obviously, lose data in the latter. Flac is an excellent example of a compressed lossless audio format. As are WavPack(WV), Monkey’s Audio(APE), ALAC(M4A)...
It'll b of same quality as an audio cd (one that u call wav). But every player doesn't support FLAC... Also its compression is around 1/2 or 1/3rd of the original format.
Ppl who want better compression go for MP3, WMA or AAC/MP4 formats (of differing bitrates... again.. a better bitrate maintains more quality). My fav is the AAC/MP4 format.. which maintains the equal quality @ around 2/3rd size of a similar MP3 file (@ certain bitrates).
So.. bottomline.... WAV, obviously(again...), is the better quality.. as it's compressed. But u got a better format in FLAC. But prefer AACs than MP3 for good quality audio... but remember... MP3 scores in the fact that most players support it... AAC... not many...reason.... mostly proprietary format... Sony/Apple.
More.. u might get it here...
http://en.wikipedia.org/wiki/Audio_file_format