Yes, but I can achieve roughly the same effect (reducing information content) with JPEG by reducing the image size or reducing the quality parameter. That's not an advantage that's unique to this vector transformation, much less an advantage it has over JPEG.
Now it may be the case that "compressing" an image with this vector transformation results in less noticeable quality loss than a similar quality reduction with JPEG; but then I'd ask to see a comparison to more advanced image compression methods such as APT: http://intuac.com/userport/john/apt/
Now it may be the case that "compressing" an image with this vector transformation results in less noticeable quality loss than a similar quality reduction with JPEG; but then I'd ask to see a comparison to more advanced image compression methods such as APT: http://intuac.com/userport/john/apt/