The Spirit Realm

Screenshots
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-Screenshots will now save to a "Screenshot" folder in your EQ directory
-You can now change the format your screenshots are saved in by adding the "ScreenshotType=" line in your eqclient.ini file, which is in your EverQuest directory. To save in jpg format you would change or add the line to read "ScreenshotType=jpg". Supported formats are bmp, jpg, tga, dds and png. Screenshots will continue to save in bmp format unless this line is added.

That has been implemented for at least 2-3 years now. Just remember that repeated saving of JPG files degrades picture quality. .png take more place but ultimatly theyre better.