robeet said, "Using the AAC encoder with the iTunes Plus setting would probably be good for the first pass, and then the AIFF encoder for the second pass. I usually recommend it this way because if you end up uploading hundreds of files, you'd be better off doing that with AAC as the file sizes are smaller and will take less time."
Roebeet, Happy New Year! Just to be clear on how Match handles various formats, there's this from an Apple support document.
http://support.apple.com/kb/HT4914
Songs encoded in ALAC, WAV, or AIFF will be transcoded to a separate temporary AAC 256 kbps file locally, prior to uploading to iCloud. The original files will remain untouched.
So if you're saying one can save time by making all AIFF files and letting iTunes match use those to determine what matches, what uploads, I imagine that's true. iTunes can scan the AIFF files and determine what is a match, what will need to be uploaded. You will end up with a larger iTunes library locally, but that's another issue.
While the net time savings from using AIFF could be significant, I think it's important though for everyone to be aware that for each AIFF not matched, time gets added during the uploading process, because each AIFF will be transcoded on the fly to AAC. Because these temp AAC files are being created in the background, it's quite possible they're the real cause of some of the slow upload times, and "hangs" some people have reported. I'd still do it the way you describe, though.
For what it's worth, If I read it correctly, only AAC and MP3 files ever get uploaded - and my experience is that if it's an AAC file encoded by some other app besides iTunes, there's small chance it will upload, but not play. I spent a considerable part of yesterday swapping out non-players with iTunes AACs.