Flac is lossless so it is the same as CD or SACD or any high quality digital audio. LP's are analog just like cassette and reel to reel. There is always the debate of which is better, analog or digital, digital has come very far since the olden days of mediocre Dac's and IMO digital now is pretty amazing if properly implemented. Having heard some of the best of both digital and analog i can say there is no best, its is just which sound you prefer, if done right both will sound amazing. I know certain die hard reel to reel fans who feel LP's are big let down, and trust me you have to hear a proper high end reel to reel to understand how magnificent it can sound. Digital is more convenient and with a good high quality DAC from DCS,Prism sound or Reimyo(to name a few) interfaced with a good computer through USB or spdif you have a stellar setup that will serve you well for years. The same outcome can be obtained from a high end turn table by Microseiki,Gerrard or SME accompanied by a good phono. The flavor of sound between the two will be different and liking one over the other is just a matter of personal taste.Even in terms of LP's there are big debates between Idler drive,Direct drive and Belt Drive.My friend has a Yamaha gt 2000 turntable and believes direct drive is the best in turn tables but he still loves and sometimes even thinks the sound through my setup(which is all digital based) is better. But its is good to have both flours in a setup(both digital and analog) and that is why i am planning to acquire a turntable probably from SME or Gerrard with a very limited collection of LP's.