It's what I archive all my music in, so I'd say so. You get WAV quality without WAV file sizes.

When a FLAC (or any lossless) file is not available, I settle for 320Kbps MP3 (and not a single bit less). The quality is decent enough to be used in a live setting (I'm a DJ). Anything less than 320kbps, and you're hurting treble output, which will be noticeable on high-end speakers to anyone under the age of 30.