Just thought I'd share a bit of decompression performance data...
I'm doing some prototyping of a 360 degree viewer - a carousel where the user can spin through a series of photos taken from different angles, to give the impression of being able to smoothly rotate an object.
I have loaded the image data into an array of NSData's to take file i/o out of the equation, but create NSImage's on the fly. Testing at near max frame rate (~25 fps) and watching in Instruments I see the app is clearly CPU-bound and there's an approximately 10% increase in CPU load showing ~275 kb png's vs. ~75 kb jpg's.
I can't say for sure but my guess is the CPU limit is just from general program execution and moving all the data around in memory, but that image decompression is done on the GPU. Either way and the JPG vs. PNG performance argument looks to favour JPG, especially when the smaller file sizes (and therefore smaller sizes of objects in memory at least in some parts of the chain) is taken into consideration.
Of course every situation is different, there's no substitute for testing...