Lots of good points about FLAC, and Craig's explanation is spot on. The input and output of a FLAC encode-decode process are identical.
Just one query: people are saying FLAC renders faster than WAV?
I've not checked, but I can't even see how this could be possible. Indeed, if it were correct, that would suggest a bug in rendering to WAV.
I'm sure this must be an illusion. Rendering to WAV means writing the data. Rendering to FLAC means writing the data *and* compressing it.