I finally converted from .bmp, which I grew accustomed to before I knew there were different image file types, to .png. I can't tell the difference in quality, and the improvement in file size really is drastic.
From what I know (limited knowledge, based on Wikipedia reading mostly ), BMP is a straight format : no compression, and each pixel is stored in a few bytes. PNG on the other hand, is compressed, but losslessly, meaning you don't lose any data by converting BMP to PNG, and so when you convert the file back to BMP it's supposed to be identical to the source. PNG is some kind of special zip format for images, just like FLAC is for sounds. Furthermore, PNG is a free format, you can use it as you want. The downside of it is that PNG files are much heavier than JPG files, which are compressed with loss of data and thus are of lesser quality. As for the comparison with GIF files, except for animations (for which there are PNG-extended formats), PNG is supposed to be much superior to GIF almost anytime.
.png the great majority of the time
.psd when I'm working on something in Photoshop with lots of layers which I need to save as it is now
.gif for animations
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