For home listening or archival purposes, FLAC-been doing that for at least twenty years.
I spend a lot of time in the car. Unless I can pick up a decent college station/show or am in a NPR mood, I play music off my phone on a random basis our of an approximately 2500 tune collection. Given how noisy cars are, I generally don't even mess with quieter tracks, so audio quality is a lesser priority than available storage space (damn modern phones) so the car tracks are 128 bit MP3s (now AAC since now using an iphone).
Let me divert this thread a bit. Is there anyone besides me that thinks iTunes is perhaps the most unintuitive major piece of software ever? I mess my android phone where I could easily drag and drop music on or off my phone. I recently spent the better part of an afternoon trying to figure out how to take an album off my phone and/or add just one new album from my home computer's library of mp3s/AAC. Never did get it done. Something that would take a couple of seconds on my old android phone (or the antiquated Windows phone before it).