All in all, the war of formats is near to an end. With todays connect speeds, storage spaces, when it's considered a norm to watch video stream online, the compression issues and choice is slowly getting irrelevant.
Sorry for OT. Guess it's my nostalgy for the times when smart selection between GIF and JPG, number of colors for GIF and level of compression for JPG was crucial to make site usable at all. As of today, you can export entire page as a single 32bit PNG and it will load in a couple of seconds. Back then we could wait longer to load sole HTML.