Hi,
Has anyone heard about a new version of JPEG which is a lossless format and could replace RAW? It seems to be available as an open source project, but I don't know whether it can be used with the current range of editing software.
You may be referring to JPEG-HDR, which is a backwards-compatible extension to standard 8-bit/channel JPEG but that is capable of storing high dynamic range images:
en.wikipedia.org
This technical paper referenced in that wikipedia article offers more details:
JPEG-HDR is in no way a replacement for RAW format, because JPEG-HDR throws away data like all JPEG encodings. It is a lossy storage format, designed for minimum file size for a given quality level. RAW format is the basic data that the camera sensor produces, and must be further processed with demosaicing algorthms before the image data can be viewed. JPEG creates a directly viewable image, like the TIFF format.
JPEG encoding introduces data quality degradation everytime one edits and saves an image, just like repeatedly copying a magnetic tape recording increases the hiss and distortion. RAW editors, like Lightroom, CNX2, et al., do not. It's only when the image is rendered - to JPEG, TIFF, GIF, or other formats, that data loss occur.
Now for most casual photographers, a JPEG-HDR format will probably be all that they need, since they don't do heavy processing, and the format produces better looking files that better match the capabilities of the camera.