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Best Image Formats to use Best way to Compress

I am debating image formats to use and ways to compress images on easyblog and the rest of my website
I have always understood png's to be best especially for photos as they are lossless

I have generally used png for all photos and graphics and https://tinypng.com/ for compression
I also have JCHJCH Pro ([/b]installed and use it to compress images.

1. I am now reading that Jpeg's load faster and still look good and that new formats are even better such as jp2000 and WebP etc
should I be starting to use these formats? Will regular programs view convert to this format ?

2. Thinking about whether my site would benefit using Cloudflare and./or the image compression subscription for easyblog
a. with what I already do (above) would this actually reduce image sixes improve load times?
b. is there an advantage of one over the other?
The site I am working on is primarily local to my state and the US so a cdn worth it? the compression service via easyblog?

Thanks much I look forward to the "official" and non-official answers from more experienced developers

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