This is great news.  If you have no idea what HD Photo is, you will soon.  Also known as JPEG XR, the new codec developed by Microsoft and turned over to JPEG for standardization keeps up ever-increasing megapixel cameras with wider dynamic range, can store images without data loss from compression and is free of royalty or licensing constraints and can even be embedded into cameras.  More details here on News.com or Bill Crow's HD Photo Blog