A while back we ran a comparison of PNG, JPG, WebP, and HIPIX looking at the various compression details and artifacts.  The results were interesting, with HIPIX emerging as the leader in detail and filesize.  However, in the comments someone brought up another format called ‘JPEGMini’, however the entire algorithm is proprietary and locked up so that I couldn’t test it.

That might change now, thanks to the JPEGMini website.  Using their website you can upload images or entire albums to be recompressed with their algorithm for an estimated 5x on savings with no perceivable difference in quality.  And all for free.  The example images they show are impressive, hopefully I can get some time later today to actually run some tests.

JPEGmini – Your Photos on a Diet!.