Ideal for complex images and photographs.
Image from the German National Archives
Great for art with few colors and simple transparency like logos and icons. Displays images with 256 colors or fewer. Supports transparency and animation.
Image by the US Navy
Best for images with large portions of flat colors and text. Similar to GIF, but supports more colors, produces better transparency, and loads faster.
Image by Força Aérea Brasileira - Página Oficial