Microsoft released a press release concerning a new file format for images that could one day replace the ubiquitous JPEG. It's said to essentially have all of the functionality and flexibility of shooting in the RAW format (including the ability to undo changes made later on) but offers much cleaner compression and higher image detail than JPEG.
This could be awesome for taking photos of landscapes and objects, but too much image clarity isn't necessarily a good thing for portrait photography. Those who have an HDTV and have noticed zits and other facial blemishes on television broadcasts will no doubt understand what I'm saying. Better get that soft focus filter ready!
Read the press release here.