
Lossy RGBA images are something that always has been missing on the web (If you ignore Mozilla's brief support of JNG, that is). Nowadays, browsers typically support JPG, PNG, GIF, ICO, and BMP. There is obviously some feature overlap, but there isn't any good choice for true color images which also happen to use alpha.
Generally your choices boil down to JPG and PNG. If you ignore animated GIFs (which are pretty useless for Canvas usage), PNG can easily replace GIF, ICO, and of course BMP.
Today, I'll demonstrate how you can create RGBA images which use JPG for the RGB channels. Since this can decrease the file size up to 75%, it's a very easy and intriguing way to speed up the loading time of your game or application. (If you are currently using heavy PNG32 images, that is.)

Generally speaking: off-screen rendering allows you to cache expensive drawing operations in some sort of image, texture, or buffer. With the new Canvas API the vector drawing operations for example can be a bit taxing. Same goes for gradients or patterns (Firefox 3.x). Or well, anything that requires many drawing steps or per-pixel calculations.
If you have used any other 2D drawing API in the past, you'll probably picture this a bit more complicated than it actually needs to be. As it turns out, it's surprisingly easy with Canvas since the drawImage function can also take another Canvas as parameter. So, there is no need to construct an actual image – you already got one, kinda.