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I've found that large extent (5x5km) coloured tiffs can really take time to load and have opted to use greyscale to reduce file size and hence improve loading speed. I also find colour imagery tends to interfere with vector layers and is difficult to see in bright light conditions.
I'd like to know of an easy way to convert colour imagery to greyscale in ArcGIS. From what I read on the forums it's not an easy process.