The most likely candidate that I can think of is jpeg 2000 (JP2 commonly). MrSid, ECW and JP2 all use wavelet compression which works well with photography and greatly reduces disk storage requirements. Decompressing does use CPU cycles, but for many purposes only the area being displayed needs to be uncompressed, and they have built in pyramids. ArcMap handles them all. MrSid and ECW, however, are proprietary and require expensive encoders. Jpeg2000 is open source and ESRI's own software can encode it. I warn you that at least through 9.3.1, the ESRI encoding produced a JP2 file that was rather slow to display on a computer, and awful on ArcPad. The best JP2s I've seen comes from the expensive LizardTech encoder that also does MrSid. JP2's also supports 4 bands. I haven't found a good free JP2 encoder.
If you weren't using photos, but rasters such as the USGS topos (DRGs), then I'd suggest using tif rasters with LZW compression. The compression is very high and the tifs very fast.
