Google Releases New Image Format Called WebP

News from Google regarding a new image format that they have created with the intent to speed up browsers and reduce storage requirements. According to Google, WebP achieves an average 39% more compression than JPEG and JPEG 2000 while maintaining image quality. Should be interesting to see if and how it is adopted.

Linky: WebP Home

Wonder how you will be able to convert the files you have. Will it come from jpeg or from raw? Hope it is not proprietary.