A side project of the Google's WebM open source video format is WebP, a still image format based on the VP8 codec. WebP supports both lossless and lossy compression and claims to do each better than PNG (lossless) and JPEG (lossy). WebP also supports an alpha channel.
I was naturally curious about this new format, so I've made a Photoshop plug-in to use it. Like WebP itself, the plug-in is open source and currently in beta release. Download links can be found by visiting my WebM project on GitHub.
There is an entirely seperate open source WebP plug-in available from Telegraphics if you want to try that too.
Update: In 2019 Google posted their own Photoshop plug-in, which includes a preview. Download it from the GitHub page.
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