Unlike lossy formats (MP3, Ogg, Musepack, etc.), Monkey's Audio preserves the orginal sound quality. The compressed files are still bit by bit identical with the original .WAV files. So basically this software is like a WinZip for audio files.

On the other hand, lossless compressing results bigger files than for example MP3s are. You'll end up saving something like 40-70% of disk space. This is still quite nice, since the files are stored with perfect quality.

Monkey's does more than that - it also works as a graphical user interface for external compressors. Supported formats include LAME MP3, Musepack and Ogg. Actually the GUI of Monkey's is very good and it is possibly the best front-end you can find for these external compressors