Best Audio CD Quality on PS3?

The PS3 cannot play WMA Lossless. WAV is the only lossless format the PS3 will support at this time. As well, due to fan noise and the size of the files, WAV is a waste of time and space on the PS3. I would suggest 320 MP3 since the PS3 cannot read iTunes tags unless you rip the CDs directly to the PS3.