Today Microsoft announced that the Joint Photographic Expert Group (JPEG) to introduce a new work item for the standardization of Microsoft’s HD Photo file format. Formal balloting of the work item is being submitted to the JPEG national delegations for approval. The Microsoft format is tentatively titled JPEG XR and is intended to allow cameras, printers and display, and software companies to develop products with consentient interoperability.
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I assume that to mean that the goal is to allow the image your camera shoots, to display exactly as shot on your computer, and then print exactly as the display shows it on your printer.
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Microsoft says the technology for this new image format is already available in Windows Vista. "Microsoft is very pleased that the JPEG working group is considering HD Photo as a new standard, and we are committed to working cooperatively with JPEG and its affiliated standards organizations to ensure that this file format serves the needs of the next generation of consumer and professional photographers," said Tom Robertson, general manager of Interoperability and Standards at Microsoft. "This is an excellent example of Microsoft's multibillion-dollar annual investment in R&D, producing a technology that represents a big step forward in multimedia innovation and tangible benefits for consumers." via Microsoft