The alternative for this would be WMA lossless. And yes, this is the perfect alternative. I converted all my FLAC files to WMA Lossless using Helium Audio Converter. You can confirm that there is no noise by using Audacity. Drag both the FLAC and WMA lossless samples in there, invert one of them then play it. What you should hear is absolute silence, meaning there is no quality lost.
Does HTC 8X really sound that better than Lumia 920? I'm just a bit turned off by the 16GB storage. It wouldn't be enough if you have a long list of WMAL tracks.