My hearing is beyond most people. I thought 20 Hz - 20 kHz was average, but my physics professor last semester said that's if you have good hearing. Last time I did a hearing test, last year, my highest went to 22 kHz for me to actually hear it, but even at 24 kHz I could still feel it (it hurts my ears). Not sure how low my hearing goes though...
Anyway, considering my hearing, my preferred music file format is flac followed by ogg vorbis. I haven't tried aac before.
The quality of ogg vorbis is arguably comparable to aac. It just has a better compression ratio than aac. Depending on the music, some people prefer ogg over aac.
If you're gonna store music in wav, might as well just go for flac. Smaller size, same quality (both are lossless formats).
I used to rip CDs to ogg vorbis with a variable bitrate, average bitrate being slightly above 500 kbps. However, since I now have 1 Tb of space, I can afford to store things in flac format. I still have a lot of mp3's though, but they're all in 320 (either fixed bitrate of variable). They don't sound as good as my ogg vorbis files.
Contrary to what some may think, there are high quality audio players that play other formats. For example iRiver supports ogg vorbis. When the iHp-120 (H120), iHp-140 (H140), H320, and H340 came out, audiophiles praised it for it's frequency response and ogg vorbis compatibility. The H100 and H300 series have better hardware and firmware that reproduces the same music much better than iPods. However, iRiver stopped making DAPs (digital audio players) similar to the H100 and H300 series. They try to market more towards mainstream users now instead of audiophiles.
The Cowon iAudio seems to have taken its place in the audiophile world. In some areas it surpasses the H100 and H300 series due to its flac support.