Revision as of 15:55, 26 July 2005
PNG was originally created because of shortcomings and patent issues with widely used GIF format. It uses lossless compression and supports different bit depth and alpha channel transparency. It often compresses better than the different TIFF compressions. However, it is not very well supported by Photoshop (you need a format plugin to support all flavors: )
Only recently PNG support of the Panorama tools core library pano12 was fixed.