But truthfully, I don't really see the need for compressing 16 bit wav/aiff files much anymore since storage space is so cheap now.
I believe Chris has his audio saved as WAV files, right?
Yep, if you're looking for a compressed format, then FLAC is my recommendation, but I do, indeed, keep my music stored as Wave files. The only real problem with this is: there's not a very detailed metadata format for Waves. I don't need to know the year, BPM, genre, etc. So it suits me. I organize my disk structure to provide everything I need to know.
\Artist\Album\##. Artist -- Track Title.wav