You want to hear Peter’s fall down the stairs in uncompressed PCM glory. Skip if: You only care about the cutaway gags from Season 4 onward.
It seems you're asking for a review of Family Guy Season 1 in a format. Since "lossless" typically refers to high-fidelity audio/video codecs (like FLAC, ALAC, or high-bitrate MKV rips), I'll interpret this as a review of the technical quality of a lossless release (e.g., a Blu-ray or high-end digital remux), combined with a review of the season's content .
Yes. The lossless audio is the true star. Hearing the subtle jazz influences in the underscore and the uncompressed voice acting adds a layer of intimacy you didn't know was missing. The video is simply the best you will ever see this season look.