SVG, or Scalable Vector Graphics, is probably the most interesting, and potentially useful image formats today. Unlike another formats here, SVG can be a XML mark-up language for vector graphics. Vector graphics, in accordance with Wikipedia, is the utilization of geometrical primitives including points, lines, curves, and polygons to represent images in computer graphics. Instead of having all the information for each and every pixel in an image, as all of the prior image formats do, SVG defines things over these geometrical primitives. What this means is, when you increase the size of an SVG image, it always stays sharp, rather than becomes pixilated. This could be quite useful for logos and other simple graphics, allowing for many different sizes of the image for use with no decrease in quality. Also, SVG images normally have very small file sizes. As noticed in the picture, SVG graphics are not photo-realistic. They also require different skills and, generally, different programs to make them.
As for web design, svg cut files are the dream for quality of images; unfortunately, Web browser 6 and Safari both require plug-ins to see SVG files. Still, SVG images can be used as a lossless image used as the archive version, then converted into JPEG or PNG files to be used on the web.