Dj Vu

Does anyone out there use DjVu? It is supposed to be “a web-centric format and software platform for distributing documents and images”. It could be used to replace tiff, jpeg and gif, giving a “better” compression.

It also has an open source version.

I would mainly like to understand what a “better” compression is. Files are smaller, ok, but is their quality high enough? Or we loose too much information?

Did anyone try it?