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.
Lots of misinterpretations in this thread so allow me to make an attempt to clear a little of the fog:
1. Yes, the new libjpeg library has lossless, 12-bit capability
2. No image format can replace RAW so neither can libjpeg
3. As a lot of commercial editing software already uses libjpeg, you will see it integrated in all commercial software over the next few years, however accessibility of its features will depend on the software developers putting the required controls in their GUI's .
4. As all of the open source editors use libjpeg and the open-source community is generally quick to integrate new features, you will see existing editors (and raw converters) gain access to the new features pretty quick. This will allow for better preservation of detail and color during processing, preventing histogram spikes, posterization etc. when saving images.
5. As almost all webservers use libjpeg to display jpeg images, you should see no issues in websites quickly allowing for the new capabilities and displaying these 12-bits lossless jpegs. (but...see (6) it will not matter that much)
6. As almost all computer CRT's and LCD's have limited display capabilities, you will not see a lot of benefits when displaying these images on-screen either directly or through a website.
7. As most RIP's (Raster Image Processors) use libjpeg, you will probably see some benefit in professionally printed output, possibly eventually also through better printerdrivers in your own high-end inkjets.
8. As this concerns the integration of new capabilities in an already widespread library, there will be no issues like the ones with JPEG2000 which was entirely different software.
9. It will take a long time for the new capabilities of libjpeg to make their way into camera firmware (if ever) due to memory and processing speed requirements of manipulating thàt much more data with a small processor and limited memoryspace in the camera hardware.
My personal opinion? Great if you shoot raw, convert to jpeg using the new capabilities with the intention to print. No huge impact when shooting/processing for web or OOC straight jpegs.