Hi
Yes,, ..Sorry...I forgot to mention the file size...
Using an mpeg2 video in 1280 x 720 format...
If you use VP 2.41 an extracted snapshot is a jpg occupying 424 Kilobytes
With VP version 3.04, a snapshot in png format from the same video frame occupies 1.21 Megabytes so there is
a considerable difference.
So why not use VP version 2.41 to extract your snapshots? 
BTW Irfanview is a great piece of freeware and you could, if required, batch convert your snapshots.
Nat