I just tried an experiment. Convert a song to MP3 (from Vorbis), convert the MP3 to lossless (ALAC), then convert the lossless into another MP3. (I probably should have used AAC, but I'm really freakin' lazy.)
diff them.
They differ, but only in the file headers. (I verified this with 0xed, a hex editor.) I suspect their PCM outputs would be bit-for-bit identical, but I'm too lazy to compare them.
PS - my Ogg files are suddenly working in iTunes again. Which is odd, because from my previous experiences with iTunes I was under the impression that Apple was deliberately trying to break Vorbis/QTcomponents compatibility.)