Downloading & Converting Music


Tell me if I understand this correctly. MP3's have information that cannot be retrieved if converted to WAV or FLAC format. So, it is better to rip the songs off CD than download the music since most downloads are in MP3 format (except the high quality sites like hdtrack)I use a PC. Do any sites allow download in lossless format?
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Thanks for all your help. I recently purchased some CDs from Amazon and they put all the songs (including past purchases) in MP3 format in your cloud.