I know some of you know FLAC, I have some questions 'bout it..

Is it pretty much 'set' in terms of encoding quality / compression? (i.e. LAME keeps having new versions, touting 'better quality'. If I do a CD now in FLAC, will they release a version later touting 'better quality'? I know it's suypposed to be 'loss-less', but if so, why are they on version 1.1.0 now?)

Thanks.
Me.