Its a lossless format like .WAV, but is non-proprietary. Its also slightly compressed, so its smaller than .WAV, but doesn't lose its quality.
As for the OP, you already know the answer for .OGG. But .FLAC isn't quite as straightforward. It can play them, but not natively. The only media player that I know of that can play .FLAC is Meridian (its free). If your okay with using Meridian (which I personally use anyway, since it can browse videos from within the app), then your all set.
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