Commonly Compared
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Pros
Pro Lossless
Being uncompressed, WAV files are sure to keep all of the original audio data.
Pro Compatibility
Being a very old codec, its compatibility is widespread.
Cons
Con Proprietary
WAV is developed by IBM and Microsoft and released under a proprietary license.
Con Uncompressed
WAV is uncompressed Linear PCM audio, which would take up a significant amount of disk space and is not very efficient (no size difference between a minute of audio and a minute of silence).