After doing a few tests as prescribed by @littlepleasures, I have come to the following conclusions:
1. I got a 60% percent smaller image size using jpeg.
2. The difference function on the top layer showed very slight difference on a glowing light that has a range of colors. My eyes didn't spot that.
3. The difference in image quality in my own terms, I would say is 5% less for jpeg in how clear the image appears. You have to really look to see it. At a 60% size reduction with 95% percent quality in tact I will take that with a smile. (I didn't see clarity deviation shown on the difference function, maybe I had to use another setting there)
4. I am very happy for the help I got from you guys. You rock! Thanks 🙂 It helped a great deal.
5. Cause it looks nicer than 4 and I'm trying to be funny 😉