No Apple Lossless (not surprising I guess) and no FLAC (more surprising).
I've searched high and low and it seems like a fix has gone into Cyanogen's mod. I think it's this fix here:
I don't know much about Android development... Does this mean the code is in the main branch and will be in the next release?
Considering more that half my music (all ripped stuff, not the stuff bought online) is in lossless, I guess I won't be using my new phone as a music player :-(