CNET reports that Microsoft revealed details of a new image format called Windows Media Photo at the Windows Hardware Engineering Conference. Microsoft intends to replace the popular JPEG image format with their own Windows Media Photo, which will be supported in the forthcoming Windows Vista OS, and will also be available for Windows XP. The widespread popularity and use of the JPEG image format will not make it easy for the new Windows Media Photo format to rise to the top, but time will tell.
In his presentation, Crow showed an image with 24:1 compression that visibly contained more detail in the Windows Media Photo format than the JPEG and JPEG 2000 formats compressed at the same level.
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Windows Media Photo Specification