Converting between lossless files?

Soldato
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Say I've got a collection of flac files. If I use dBpoweramp to convert them into Apple Lossless Files (for playback in iTunes) - is there any loss in quality during this process?

Cheers,
 
Oh, and whilst we're on the subject.

Is there actually any benefit in encoding your music in lossless. I've got an X-Fi (soon to be replaced with M-Audio kit) with absolutely NO sound enhancers/EQs etc connected to a NAD32BEE amp and a pair of Eltax Symphony 6 floor standers.
 
The one thing I've noticed about Lossless is it doesn't distort. I can turn the volume up as much as I want and it will still sound perfect. The other thing is the bass response is much better. It's much more smooth, and doesn't distort like it does in MP3s.

I've ripped all my CDs to Apple Lossless and converted all my FLACs to Apple Lossless Codec.

I'm now debating whether to dump the X-Fi and get some sort of M-Audio product.
 
So If I use iTunes to encode an Apple Lossless File to a 320kbps MP3 file, will that be the same as if I'd used the CD as the source?

Basically, so if a friend lends me a load of CDs, I can rip them to lossless but then convert the songs I don't like as much down to save disk space?
 
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