Of course it all depends on what you use the resulting files for. When I put together a DVD cover in Photoshop, I use the PSD format because it easily allows me to adjust all the separate components (layers) independently while retaining high quality. Of course the resulting files are quite large (as for TIFF and other loss-less formats).
For the web I save as JPG. These files are small in pixel dimensions and I want them compact so they load quickly.
For inclusion in my video projects, I often resort to GIF or BMP, depending on the original format. GIF is loss-less but compressed so when fine detail (like boundaries in a map, etc.) is required and the image doesn't contain a wide range of different colors it works far better than JPG. Many of my programs export BMP's, which are loss-less but uncompressed. If file size isn't an issue, I may be lazy and just use the BMP format since the image dimensions I use in my video projects currently do not exceed 720x480.
For the web I save as JPG. These files are small in pixel dimensions and I want them compact so they load quickly.
For inclusion in my video projects, I often resort to GIF or BMP, depending on the original format. GIF is loss-less but compressed so when fine detail (like boundaries in a map, etc.) is required and the image doesn't contain a wide range of different colors it works far better than JPG. Many of my programs export BMP's, which are loss-less but uncompressed. If file size isn't an issue, I may be lazy and just use the BMP format since the image dimensions I use in my video projects currently do not exceed 720x480.