Hi. I’m Dan Schonberg, and I work on JPEG XR / HD Photo at Microsoft.
JPEG XR is still in the standardization process. Although the standard is nearly complete, since the standardization process is still ongoing Windows 7 does not yet “label” the format JPEG XR. If you are interested, you can follow the progress via the JPEG website (http://www.jpeg.org).
On the other hand, HD Photo is fully supported in Windows 7. It is used in a variety of locations throughout Windows 7. If you would like to create your own HD Photo files, the easiest ways are through use of Windows Live Photo Gallery (http://download.live.com/photogallery) or the WIC Explorer (http://www.microsoft.com/downloads/details.aspx?FamilyID=A6D6EC6A-E4F2-405E-842D-7C3BCB5B1390&displaylang=en).
In regard to some of the comments about compression capability:
In addition to supporting lossless compression, JPEG XR / HD Photo actually has better compression than JPEG for lossy compression. The 4x4 transform is applied hierarchically, which makes it effectively 16x16, or even larger when using the overlapping feature at the transform block boundaries. This allows the transform to avoid many of the pitfalls of block based transforms. The design also supports high dynamic range image handling, with extended bit depths and even floating point and pseudo-floating point pixel representations.
One final note. With the final standardization of the format just around the corner, more news will be emerging soon.
Thanks!