JPEG is actually a horrible format to keep your textures in, for one you will blow out your cache and memory due to the fact that it only decompresses them and that video card's dont have native decompression in the TEX units for JPEG. For second it was pretty explicitly mentioned that it was there to help with Kinect processing, and that was it really.
JPEG is not a texture compression format -- you can't do random access in it, so you *cannot* do native decompression in the cards like you do with texture compression algorithms. However, JPEG is somewhere near 10x more space-efficient for similar quality than the best of the texture compression algorithms.
The way you use JPEG is with virtual texturing -- basically, you keep most of your textures stored as JPEGs, and decompress blocks of those into the in-use texture atlas when they are needed.