The new WebP format can save 40% smaller from regular JPG format.
It is based on the VP8 image data format with a container based on RIFF.
for more info go to WebP site at http://code.google.com/speed/webp/
or
directly go to WebP Gallery to see image quality comparison between JPG vs WebP at http://code.google.com/speed/webp/gallery.html
WebP is pretty great as a format. I first learned about it when I ran across this guide: http://www.paintshoppro.com/en/pages/webp-file/ and my thought is, that this is the one to rule them all, as they would say :)
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