Re: It's probably not what the web needs urgently...
When I had access to a full 24 bit frame buffer in the mid 1980s, I decided to see just how many of the 16 million colours were useful. It turns out that there are less then 200 oranges and even less if you ask "is this brown or orange?" About 8 million of the colours are greys or browns and only about 4 million of the colours result in people being able to name the colour such as "that is a blue".
Later I found out that if you use Gray Code for pictures, they existing gif and jpg libraries would make the images much smaller will less loss.
The oddest thing I found was when we scanned a poster of The Starry Night, our edge detection software found a different picture so either we detected the picture that went through the printting press before so someone should x-ray van Gogh's work.