Some people swear they can hear the difference between high-quality MP3s and CDs. Well, science proved them wrong.
But that's on mastered tracks. On field recordings, you can hear the difference. LA-based film sound designer Mike McKone made two field recordings to demonstrate this.
Here's ambience sound in AAC (highest quality settings):
ext amb built in aac short.m4a
And now in lossless:
ext amb built in lossless short.m4a
The high-end is much clearer, and the stereo field significantly more pronounced with lossless.
<aside> <img src="/icons/exclamation-mark_gray.svg" alt="/icons/exclamation-mark_gray.svg" width="40px" /> Lossless audio files take up a lot more space on your phone. Record in lossless if you intend to process your recording in a DAW later on. For all other occasions, AAC is almost certainly the better choice.
</aside>
To turn lossless on, just head over to the audio settings.
Lossless tapes are stored with the Apple Lossless Audio Codec (ALAC). The files also have the ending .m4a, and you can drag them right into your DAW.