Microsoft has made an announcement at the Photo Marketing Association 07 International Convention and Trade Show in Las Vegas about a new format for digital pictures. It is called HD Photo.
They said that it will be twice as efficient as JPEG in terms of compressing an image. It will also have fewer damaging artifacts and higher-quality images even though it will only have a half of the resulting file size.
Beta versions of this format has been released as a plug-in for Adobe’s Photoshop software. Both the CS2 and CS3 versions of Photoshop are supported.