WebP on Google Code

Right now, I am looking at WebP, a new image format that is set as a competitor to JPEG format which is so widely on the web. We know JPEG is a lossy compression that tends to reproduce image as close as the original, and due to its ability to render closer to original images in less number of bytes, it is the widely used image (compression) format. According to Google, they tried to reproduce an image with WebP and found that the file size reduced by upto 40%, keeping the image quality same. Now, to replace JPEG by WebP is a Herculean task and several attempts failed, it is not very clear how far Google is ready to push it forward and how successful they will be (someone in the backyard is screaming, ask Paul...Paul, who? eh...the Octopus!...damn, I too made almost all predictions correct...no media coverage here :-( ).

Check the Google Code page on WebP and the CNET news I came across. Will keep posting if I found anything more. Don't forget to check the gallery of comparisons.