This isn't technical infor correct but the basics of it as I understand it are...

AIFF is what was/is standard on Apple computers
WAV is what was/is standard on PC/s with Microsoft.

I think there are differences in the files themselves(headers/footers, etc) but from an audio standpoint, I don't know that it matters which is used.

AFAIK, there are no or shouldn't be any audible differences between the two. As for which to use, use the one designed for the platform you work on the most.

If you are Macintosh based you are recording .AIFF natively.

If you are PC-based, you are recording using .wav natively.

All CDs are from 44.1kHz, 16-bit .wav.

There are no differences between .AIFF & .wav as they are both uncompressed, PCM based file formats.

Everything else & anything else, is of a different level of data compression techniques and cannot be/should not be used nor thought of, interchangeably with the above-mentioned formats. We don't need no stinkin' data compression, when we're recording/mixing/producing stuff. But I certainly don't like my tracks RAW except when I'm thinking about sushi?

Wasabi man?
Ms. Remy Ann David

FLAC is legit - knocks about 40-50% off the size but keeps 100% quality - it's simply a form of ZIP suited more for 16/24bit audio instead of arbitrary files.

But, record to WAV. Flac is good for archiving/transferring files