> PNG is also a lossy compression tool that's supposed to be pretty good,
> at least for web images, but I don't know anything else about it.
No, this statement is incorrect.
PNG is a non-patented, completely lossless compression format, and one
that I use for various reasons over TIF.
A quotes from the page listed below:
"...For image editing, either professional or otherwise, PNG provides a
useful format for the storage of intermediate stages of editing. Since
PNG's compression is fully lossless--and since it supports up to 48-bit
truecolor or 16-bit grayscale--saving, restoring and re-saving an image
will not degrade its quality, unlike standard JPEG (even at its highest
quality settings). And unlike TIFF, the PNG specification leaves no room
for implementors to pick and choose what features they'll support; the
result is that a PNG image saved in one app is readable in any other
PNG-supporting application. (Note that for transmission of finished
truecolor images--especially photographic ones--JPEG is almost always a
better choice...."
Here's a page with details:
http://www.libpng.org/pub/png/
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