According to Microsoft, it's about time we replace JPEGs with the new Windows Media Photo format.

More details on ZDNet.

Somehow, I'm sure Microsoft hopes to make some money on this new format (licensing?). If they weren't, they wouldn't have given it such a dumb name.

Microsoft still doesn't understand how to play nice in the industry; if it were the "Open Media Photo" format and it was free of licensing, it might be adopted much more quickly. I guess we'll have to wait and see.