Apple Lossless might run down your iPod's battery quicker due to the extra encoder processing required. This seems to be a bigger problem with the iPod Nano but it did seem to run down the battery on my iPod Classic fairly quick as well.
Really there is no need to go above 320kbps as the difference in sound quality isn't really that noticeable, especially with a pair of mid-quality earphones or headphones.
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