In regards to the lossless formats, its best not to use them..
From my understanding (and experience) a .m4a song is around 7mb, whereas a lossless version would use 20mb+ for the same song. It doesn't make storage economical sense, especially if you can't hear the difference (which I couldn't; then again don't take my word for it if you don't believe me, i am only a teen after all and wouldn't know anything about quality music!
)
Also, if your going to use a portable media player those lossless files are going to drag you down hugely in terms of battery life.
Just putting it out there