JPEG Rivals RAW?

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I am in no way a photo expert but have read with interest the differences between JPEG and RAW images and appreciate the detail experts require when mastering their tradecraft. Yet, I saw this article and thought I would post for "experts" to comment on. Is it possible JPEG rivals RAW? Link and article (minus pics) follow:


JPEG Gets A Major Update - Now A Rival For RAW & TIFF? http://www.slrlounge.com/jpeg-gets-majo ... l-raw-tiff

For those of you who read in pixels and write in matrices of ones and zeroes, you’ll appreciate the news just broken by The Independent JPEG Group. For those who still read in print and write with a feather quill, like me, this is still important.

A JPEG is the ubiquitous file format standard most widely used as a lossy compression format for digital images. While the degree of compression can be somewhat adjusted to find a balance between quality and size, a compression ratio of 10:1 is most typically used. This usually achieves compression with a modicum of perceptible loss. The JPEG standard came about in 1991 and publicly in ‘92 and has been getting updates since. The standard specifies the codec which dictates how an image is compressed and decompressed.


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[REWIND:RAW vs JPEG (JPG) – The Ultimate Visual Guide]
The Independent JPEG Group defines that standard and have just released version 9.1, the latest of the ‘libjpeg’ library, which will support greater color depths of 12-bit, as well as greater scaling (“Smart Scale”), and compression choices (arithmetic coding). Most interestingly to photographers would be the new option of entirely loss-less compression. Most pros will preach the merits of RAW in terms of loss-less quality and high-grade editability, but it may mean JPEGs will soon be able to do the same.

Thoughts

From the press release there seems to be an understanding that this update will not reach a mass audience of applications immediately, and higher-end printing and projection will likely be using it first. It’s hard to imagine photographic hardware and software going for this new JPEG in place of RAW, so it will be interesting to see how well, and widely it is received in our field. What are your thoughts on the matter? And DOES it matter?
 
It may get lossless mode, but it doesn't seem to do a raw dump of all the data collected by the image sensor as in actual RAW format (not that there IS a RAW format in the first place, thus the need for a RAW converter for every camera model released...).

Anyway, it doesn't really matter in our case, since the FC-200 camera on the Vision comes with a weak sensor in the first place... so, garbage in, garbage out...
 
It matters in that it's an interesting development in Jpeg's long history... but for the context of photos taken with the Vision's camera, it doesn't matter, no.

Where it will be useful is for interoperability - using these new 'pro jpeg' type files across platforms and technologies. RAW is by its nature proprietary. The DNG format goes some way to try to address the problem, but not all cameras support it. Many use their own system with its own data layout, compression and even encryption.
 
I read that you can "capture" a still image from a video.
Great, but will the image be the same quality as a .jpg still?
 

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