I know, I know advancing technology is what everyone wants, but it always confuses the masses and makes sharing that much harder as a new format gets adopted.
I have to say if the information coming out from Google is true about an average reduction in file size of 39%, you could see this taking off quickly especially because it’s Google putting it out there.
To achieve this reduction, the WebP format relies on the advanced, still-mage compression methods that the VP8 video codec uses to compress individual frames. Google has coupled these advanced compression techniques with a very slim container format. Due to its efficacy for compressing lossy images, WebP might someday replace JPEG as the standard format for photos and similar content on the Web. READ FULL ARTICLE from ars Technica
I guess we have to wait and see what happens.