Wav. is superior to flac.
I've tested this on my rig with the start of a Mozart track (the first 30 seconds) and there were some artifacts which were only slightly greater represented on the wav. when compared to the flac. To someone who doesn't understand audio and to the naked ear - They're almost identical.
Any kind of compression has some limiters. Wav. is also used in studios for its raw accuracy.
Just some facts...
Any of those "High-Res 24 bit /192 KHZ, DSD, or 32 bit/384 KHz are HUGE space wasters. The human frequency range is limited - and on a summit-fi rig of Hi-Fi separates with an amplifier, cd player, sound field processor, and tuner is able to extract ultrasonic frequencies when used with compatible headphones (5 HZ - 40 KHz) to the point of being able to feel these ultrasonic frequencies around you - Even disrupting listening sessions when you will believe someone has stopped on the floor. This is possible with redbook CDs. You aren't going to get any higher than that as far as sound quality goes. stand alone DAC's are also inferior to a top-flight cd player. If you really want to hear how it was recorded and in all its glory - go for TAD components (PIONEER) or Accuphase.
Cables can make a difference but not always. For example, a poor quality CCAW (copper clad aluminum wire) is inferior to pure copper. The only time a cable will make a difference on sound quality is when: 1st if the quality of the copper is not pure, and 2nd if the cable impedance has been tampered with by scam cable makers. At the end of the day, buy pure copper cables for your speakers. And for headphones - make your own cables with pure copper. Silver cables on the other hand can sound more dynamic and "bright" and buying silver wire could benefit you if your speakers sound dull. Any special power cables are rip offs as well. So yes, cables can make a difference.
Measurements are sometimes inaccurate as the measurement system was not implemented perfectly. And of course, measurements don't tell the whole story. If you look up how human beings actually hear frequencies you might understand the truth of this matter.
I would write more, but maybe next time!