Although the new JPEG 2000 data compression method has not yet truly reached the market, it has already achieved an unusually high level of attention in the industry. Since a new standard stands for major investments, JPEG 2000 has to offer convincing benefits for compensating the financial risks. In fact, compression rates of 1:200 or higher represent breakthroughs in image compression. In addition, the new data format supports a series of functions that are of major potential interest for software engineering. Ultimately, however, the visual attributes of JPEG 2000 are of utmost importance. While the visually perceived image quality is required to be still acceptable at highest compression rates for internet imaging purpose, it is at the same time expected to satisfy the topmost requirements at lower rates, particularly for the photography and the graphic arts industry. In an extensive empirical study, the question is investigated as to whether the high expectations of JPEG 2000 in respect to visual quality are justified. The paper gives an overview of the effected tests and presents the conclusions.