Here’s an interesting piece of news. Someone’s come up with a loseless image compression algorithm which compresses images up to 300% smaller than JPEG images ! Ernst and Young have also verfied that the image compression is indeed loseless and compresses more than JPEG. (Link to results at Matrixview.com)

“25-year-old Arvind Thiagarajan, co-founder of Singapore-based startup MatrixView, who wants to revolutionize digital imaging. The data-compression algorithm he invented shrinks images into a format called a MatrixView Universal, or MVU, which is 15 to 300 percent smaller than a JPEG.“
CNN: Honey, I Shrunk the JPEG - October 1, 2005