Pretty big news for the HD Photo team. Microsoft’s HD Photo technology is being considered for standardization by the Joint Photographic Expert Group (JPEG) as "JPEG XR".From the press release
The HD Photo image-coding technology offers a host of new features and benefits focusing on the current and emerging needs of digital photography. The technology is a new file format for end-to-end digital photography that offers better image fidelity, higher image-compression efficiency and flexible editing features benefiting today’s and tomorrow’s digital-imaging applications.
More info and a great demo of JPEG vs HD Photo check out Bill Crow's HD Photo Blog: http://blogs.msdn.com/billcrow/