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From an image editor's point of view, there are different variables that can be adjusted, leading to different file sizes and quality of your optimised image. I don't know about php optimisation...
Also, different image formats are good for different things: gifs for large areas of solid colour and transparent areas, jpg for smooth colour transitions (doesn't support transparency), png similar to jpg and it supports transparency. Using the 'wrong' format may lead to an unnecessary loss in quality. Maybe that would influence which format to optimise to?
Not sure whether that helps at all.
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