Not sure about what formats to pick? MP3: The most convenient. File size is smaller, plays anywhere and for reproduction in any but the most expensive stereo systems this is sufficient.
Alac and Flac files are 24bit resolution. The sampling rates are from the original recording sessions and vary from 44.1 to 88.2khz. There was never a sampling rate or bit rate conversion. The only difference is the file format: Alac plays in iTunes, and Flac plays in any flac player such as the VOX player. (free in the app store) This is recording studio audio quality!!