„HD Photo“ getting new JPEG standard?

Actually, I´ve never thought there would ever be a post about Microsoft on my blog. But now I read that MS cooperates with the Joint Photographic Experts Group in standardizing their „HD Photo“ format (aka „Windows Media Photo“) as a modern successor to the well-known .jpg file-format. It´s rumored that if it will be accepted as a licence-free standard, it would then be renamed again to „JPEG XR“. The benefits from this new version should be better compression with lossy methods, the choice of using a lossless compression algorithm, 32 bit color, transparency and lossless adjustments of color-balance and exposure (similar to what the RAW-format is able to). You can find further information here: