I heard about FLAC ( Free Lossless Audio Codec ) in mid 2008…Flac is a lossless audio compression technology…It compresses an audio file by 40 % to 60 % without any loss of audio quality…On the other hand MP3 ( MPEG Audio Layer 3 ) results in a small loss in audio quality…mp3 is supported in the vast majority of cd and DVD players and home theatre system and radio sets while flac is not yet supported like mp3…
If you are using a computer to play music flac is the solution and a better alternative to mp3…But if you want to play music in a house hold radio system…Than mp3 is the best since flac is not portable like mp3…
Personally I still prefer mp3…This is because software’s like Adobe Audition and SoundBooth readily supports mp3 but flac needs a plugin to be installed…
In terms of loss flac is better than mp3 but when speaking of portability mp3 is still the best!!!