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Any loss is insignificant. I converted all my itunes to mp3 at a 256 rate (tried 128 but loss bass). At 256 the quality is excellent quality and really is no better than the originial itunes file. If you arent an audiophile than I wouldnt worry about it.
Also, I tried iplay and you'll have to end up paying for it. Dont bother. You can get around to playing itunes by doing some of your own work but at least it will be free.
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