Muzicman, I also need to make and keep "archival quality" recordings.
I've been using 192k/24bit PCM for quite a while as my "archival standard", but of course it doesn't play nice in any of the "commercial" desktop players (Helium included, unfortunately).
I deal almost exclusively with terribly degraded audio (both audio and the media are almost irretrievably damaged in most cases), so my needs are a bit different to most MP3/M4A "high end" listeners. In particular, I need to record completely from broken, warped, scratched, melted, bitten, vomit- and mould-encrusted material. Not your average iPod rips.
I was lucky enough to have a real good play with a Korg MR1000 last year, and it totally blew me away. It uses 1-bit WSD/DSD format, and downconverts beautifully to 192k/24. And my current sound setup plays 192k/24 natively, which is just a lot of fun. So that little bitty Korg box set a very high standard...
I've also tried FLAC, Apple "lossless" and other minimally-lossy format converters to try and reduce the amount of disk space being consumed by my collection of historical and cultural (and some modern) recordings. Current disk space is 3.1Tb and climbing.
Like you, I tried doing filter conversions in Audition 2, and found essentially the same thing as you. It's just so hard to
objectively compare the different formats! Especially in a
subjective area like "audio quality".
The 2 biggest problems I've found with converting really high-res PCM are 1) Most (all!) lossless encoders (including the latest, otherwise very impressive MPEG4 H-AAC) are really only capable of handling 96k/24 bit due to the processing requirements of real-time encoding and decoding; and 2) the TIM (transient intermodulation distortion) that occurs with nearly all the psycho-acoustic models is just anathema to older recordings. Especially since I need to maintain the tiniest nuance of the original recording!
The new RFC64 RIFF standard proposal, like the MPEG4 and newer encoders, do support up to 18 channels and extra data and so on, but it seems that the world has "decided" to use MP3 192k as the standard "portable" audio format, and 96k/24 bit as the new broadcast standard. So folks like me (and I accept that I'm a corner case, if not a basket case) are left swinging in the wind.
I'm not a pro, I'm just a self-trained ex-PC guru with too much time on my hands, but if you or anyone else can find a good, mathematically lossless encoder that works with high-bitrate, high-sampledepth PCM files, I'd love to hear from you!
I can (and do) play back natively at 192k/24 bit , and even with my non-expert ears, it is perfectly possible to clearly hear the difference between a well-balanced high-bitrate, high-complexity, well-recorded MP3/MP4A file and a minimally acceptable 196k/24 PCM of the same source material recorded under identical conditions through the same hardware.
But then I can't fit a single track of an original vinyl album on the biggest iPod in existence! That's where I need to compromise
Archiving files is one thing. Making sure they're playable in 5 years' time is another. And let's not get started on the MS proprietary formats...
Meanwhile, I'm back to FLAC 8-ing my archive and hoping for the best.