Converting MP3 to Wav

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The voiceover professional who records my scripts for the self-paced modules I develop, wants to send the audio recordings to me as MP3s instead of Wav files since MP3 is smaller.  It has to do with his Internet service.  So far I have been importing Wav files into Articulate.  I know I can convert MP3s to Wav files using a converter.  My question is do you know of any downsides to having to convert to Wav from MP3?  I always use Levelator to normalize the final narration.  The MP3 file he wants to send me is for a handful of slides that needed to be re-recorded for a module I am finishing.  If this matters - I use Audacity to edit.  I know there's a quick conversion when you are beginning with wav file and opening it with Audacity.  I haven't had any problems with that.  I did a little research on this site and it sounds like when you import a Wav file into Articulate it converts it to MP3 but importing a Wav is still recommended for quality.  Am I understanding this right?  

Thanks!

Rachel