Here's a post from the Chromium blog [1], which has more details. It also states how Google is already using it in Gmail, Picasa and instant search previews.<p>Google is in a great position as they can write a spec, release a browser implementing the spec and update their sites (which account for a substantial portion of the web) in such a short time. In essence, there is no "chicken and the egg" problem of who goes first.<p>This also happened with SPDY [2], which Chrome already supports and most Google sites now use instead of HTTPS (for Chrome, at least).<p>I think we can expect Google to do everything they can to make the web faster.<p>[1] <a href="http://blog.chromium.org/2011/05/webp-in-chrome-picasa-gmail-with-slew.html" rel="nofollow">http://blog.chromium.org/2011/05/webp-in-chrome-picasa-gmail...</a><p>[2] <a href="http://www.chromium.org/spdy" rel="nofollow">http://www.chromium.org/spdy</a>