If you are interested in sound quality, and I presume you are since you are recording with a SD 722 rather than a less expensive alternative, you will definitely want to record in wav. But don't take it from me: if you read the series of 3 or 4 articles on computer audio playback in Absolute Sound that was published almost a year ago, a panel of experts using reference quality equipment did an exhaustive study and concluded they could always hear the difference between wav and flac, and flac always sounded inferior to wav.