Webp - The new image standard from Google

Google has been promoting a new image format for the web called Webp. Google+ and Facebook are adopting WebP format.  The advantage of Webp is that it will make images much smaller in size compared to the existing jpeg, gif and png formats. Google has been promoting it at this year's I/O conference.

At present it seems to work well with chrome. There is support for IE, Opera and Android. To download the codecs visit Google Dev