Objective quality assessment of lossy image compression codecs have become an important part of the recent call of the JPEG committee for Advanced Image Coding. The aim of this work is twofold: First, we present state-of-the-art still image codecs, JPEG [1] in two variations, a visual and PSNR optimal JPEG2000 [2, 3] version, H.264/AVC [4, 5] and the recently proposed HDPhoto format [6, 7] introduced by Microsoft. We measure the performance of these codecs by subjective, full-reference ordering tests and two visual image quality metrics on a carefully selected test set. Second, we evaluate the prediction quality of the metrics by comparing them with the outcome of the subjective tests.