I have a $20K system using state-of -the -art electronics and speakers and can hear small differences in sound quality.
I have found that 320K MP3 files are lossless in my listening, and have adopted them as my standard. they take up more room than lossier files, but are certainly not as space-consuming as FLAC files and wav. files.
So, you own a freaking 20K system and skimp on a few TB for storage space????
Maybe you got your priorities wrong?
I only got about a 3 k$ system (including the DIY PC and excluding various record players, after I got rid of several thousand $ worth of bryston equipment) but my storage include a total of about 6Tb interior storage, 1 x 8Tb exterior Raid 5 storage and another 2 TB non raid exterior storage. All exterior storage is backup (twice and once on about 25 double layer bluray discs).
And I am glad I have...about two month ago I lost the operating system from my c-drive after four years...just vanished, first indications were programs not working, strange things happening, BSOD frequently...suddenly..no more OS.
Luckily I could restore everything from the exterior HD and with help from Microsoft with a clean W7 download.
Which meant reformatting all interior HD's losing all audio files (close to 50k).
I had to intermediately install Linux to check my interior HDs to find that they were all OK. Just something ate the W7 OS.
My rips are all in Flac, which gives me the opportunity to burn Cd's direct from foobar if I so desire, and convert down to any other format for mobile use.