Latest articles from The Absolute Sounda and discussions on audiophile community http://www.computeraudiophile.com prove that WAVE do sound better than other loseless formats, mainly becasue FLAC <-> Wave conversions are really not exactly loseless.
WAVE files do support tagging and almost all leading software packages like JRiver, Foobar support WAVE taging. The 3 leading ripping software like EAC, JRiver and dbPoweramp also support WAVE tagging.
This is really a feature of great importance for audiophiles.
Jarek