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Sorry for bringing this thread back to life, but I have some neat links with UP TO DATE lossless audio encoders comparisons:
http://web.inter.nl.net/users/hvdh/lossless/lossless.htm (very useful compression & decompression VS speed graphs)
http://babelfish.altavista.com/babelfish/trurl_pagecontent?url=http%3A%2F%2Fwww.foobar2000.net%2Flossless%2Findex.htm&lp=fr_en (Babelfish french to english translation)
Note that comparison from foobar2000.net was performed on classical music only.
From above sites, I'd say that if speed is going to be most important, Shorten is the way to go. If compression ratio is most important, LA is the way to go (it isn't open source, but API is available). IMO the best choice would be OptimFROG, it can be either very efficient in terms of compression or fast, but I'm not sure if it's open source, there's an API though...
As for graphics, I hope that some kind of PNG algorithm will be used, or lossless version of JPEG2000?
Yeah, I saw the foobar2000.net comparison by guruboolez over at Hydrogenaudio.org about a week ago, very interesting stuff. I actually posted in that thread (as "amn"), about 7-Zip, guru used it to compress the spread sheets.
I was very impressed by WavPack, and I still belive that it's the best open source alternative. In "fast" mode it's very fast, and in "high" mode it compresses very well while not being too slow (without the "extra" -x switch).
The reason why I didn't include Hans Heijden comparison in my previous post, is that it can be quite hard to interpret.
I don't think OptimFROG is open source, at least you can not download the encoder source code from the website.
IMHO Monkey-Audio (MAC) is the one..
multimedia compression needs optimization with the float-point calc. and its not bas to take knowledge from:
-WV (WAVE PACK)
-.. ANY NEW ENCODER..
FUTURE IS OPEN