WAV is a lossless file lol Lossless files are uncompressed so they make the best sound at the expense of being larger. Other types are FLAC, ALAC, and AIFF. I re-ripped all my CDs to iTunes in ALAC and my 4 gigabyte library turned into 18.7 gigabytes xD
Heck yeah! 1,411 kbps is a huge step up from 125 xD Only problem I have with WAV is that it doesn't do tags so I use FLAC on my phone and ALAC on iTunes. Lossless in two words: CD quality. It's pretty hard to beat