GIF Format
JPG Format
PNG Format
I used the same photo of my dog for the photo transparency comparisons. Here you can see that the GIF is the lowest quality again - there is a slight halo around him which is noticable with a colorful background. The halo isn't present on the PNG. The JPG is a good quality photo, but I can see tiny remnants of the previous background around the edges as well which doesn't seem to appear with the other two.