Jeff Key recently posted on WMA/AAC/iTunes etc etc. I personally don't care about any of this and here is why:
I want to be able to listen to my music everywhere. I also want to rip my music ONCE in my life (unless massive hard drive failure occurs in which case I have to do this all again). I don't buy DRM'ed music because I cannot purchase WMA and listen to it on my iPod and I can't buy iTunes music and listen to it on my Media Center PC (which is the hub of my living room and bedroom entertainment centers).
So, here is how you get the best of everything:
The nice thing about encoding using lossless is that I can transcode to any audio format that has a direct show encoding plugin (hooks into Windows Media Player). This means that I'm not tied to any single audio format, so the end result is I don't care if it's MP3 or AAC or whatever lossy codec is popular.
The only downside to my system is that I cannot purchase music online and enjoy on all my digital devices. However, if I'm going to pay .99 cents for a song I sure as heck don't want lossy music. I just get the CD from Amazon and wait a few days to listen to the music on my iPod. I can live with that for now till there is a good enough WMA based device to replace my iPod (and right now there isn't a good enough device that matches or beats the iPod).