I'm sorry Jim but that is not correct either...
Rich was quite obviously talking about about web-transparency and the only two file formats which support this are the .gif and .png (24bit) formats. The .gif is commonly used because of its relatively small filesize for web applications because of the way it compresses large areas of of a single hue together and creates less artifacts around contrasting areas than a high compression jpeg would (which of course doesn't support "true transparency"). The downside being that the 8bit gif format only support 256 colours and as such is not suitable for photographic images and is better suited to logos and graphic images.
Chris - Rich has also had problems with knocking out logos for CMYK offset printing. I guess I didn't read his post correctly. When we print a black background on the Heidelberg, it is actually 30% Cyan, 30% Yellow, 30% Magenta and 90% Black. A logo with 100% black background doesn't print correctly. I don't have a clue about graphics on web sites - sorry for the confusion - Jim