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Great.

I think the key question is whether Microsoft will agree to support it in Internet Explorer. They have a competing format, JPEG XR. It has been standardized. Microsoft's patents on it are royalty free under their Community Promise. It is already implemented in Windows 7 and IE9 and several third-party applications on Windows. They distribute source code that can work with the format on several platforms, but that code is incompatible with GPL and similar licenses (BSD-like licenses are fine.) An independent implementation of the standard that is compatible with the GPL could be developed without legal problems though.