We're treated to three(!) new image codecs this generation: AVIF, JPEG-XL, WebPv2. Just like the console wars, there's a lot of hype talk goin' on:

"Our codec supports 13 megaplimsolls"
"Yes well ours has hyper-green prediction technology™"

Ignore it. Test the codecs yourself.
https://squoosh.app/  - we've got preview builds of JPEG-XL and WebPv2. AVIF is in there too.

Try them with representative images, at representative sizes. Zoom them out so they're at the size they'd be on the page, and see how low you can get the filesize.
Remember, for most images on the web, you're aiming for "not bad" rather than "almost lossless".

JPEG-XL and WebPv2 aren't ready yet, so they're not 100% representative. Also, how the images look as they load is something we'll only really know as they land in browsers.
fwiw, @DasSurma and I chatted about hype trains like this in the latest HTTP203 podcast https://http203.libsyn.com/when-the-hype-train-turns-out-to-be-a-bus-replacement-service (starts 8mins in)
You can follow @jaffathecake.
Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled: