FLAC and other lossless formats do a much better job, but nothing compares to a raw wave.
Erm, except FLAC
IS bit for bit the exact same WAV at playback time.
If you take into account any tool specific metadata in the file header and do a there and back conversion you'll end up with the exact same WAV data. FLAC is just using a real-time de-compression codec to arrive at the same result, think of it as a playable 'zip' file if you like.
The clue is in the term 'lossless'...
It doesn't mean, fairly lossless, reasonably lossless or not lossless enough for Shad's golden ears, it means LOSSLESS.
A paradox, the OP loses no credibility at all for being honest enough, along with several others here to state the limitations of their own ears, yet Shad loses ALL credibility for claiming 'dramatic' differences even where they don't actually exist. Go figure.
I guess it provides a good example why the OP was reluctant to mention it, because there's always someone around to claim super-human powers and thus some kind of imagined superiority it provides them with. Lots of good stuff mentioned here aside from that though.
HTH