EFalardeau,
Awesome! I didn't even notice the drop down menu. I just kept it in AAC and cranked the custom bit rate as high as it would go (320 kbps). I changed it to Apple Lossless codec and I tried my experiment again and sure enough it converted WMA Lossless to Apple Lossless. So Nickboros, I think it's safe to say if you import your album folders into I tunes you won't lose anything as long as you change the I tunes codec to Apple Lossless. However, I noticed an interesting thing: The Kbps of the song in WMA Lossless was 841 kbps and after I tunes imported it, it went to 860 kbps. I'm not sure what's going on there, but it does seem to be in a lossless format so if you do go Ipod you shouldn't have to rerip all of your music.
I like features of both software using the computer, Itunes is nice if you make "backup" copies of your media because there is a way you can print a jewel case insert using album artwork that includes track info, which is nice if you don't have any other softwhere that can do it. Anyway, I learned something once again here on the forum. Thanks and good luck.