If Google has it their way, the JPEG will be completely eliminated and replaced with their new open format for images; WebP.
The advantages of WebP? Smaller sizes and a faster loading time. This doesn't mean the images will necessarily look better, but they will be around 40% smaller. With almost 65% of bytes on the web being taken up by images, a change in formats could mean a web that's almost 26% faster.
Of course, the problem remains with the power of the JPEG. It's popularity is hard to deny, with the format dominated the web, as well as mobile phones and cameras. Only a company with the power and influence of Google would even consider challenging this norm. Google does own Picasa, which may help with their desired conversion to WebP. Along with that is the Chrome browser, which will most like be supporting WebP-formatted images soon.
Businesses should keep a close eye on this development as this may effect how images need to be formatted and uploaded. It might be best to all for support of these images sooner rather than later as Google has a way of making their presence known.