I'm in on the beta testing (though I've been down on the job due to a severe case of "easter egg eye syndrome").
From what I've seen, only the WIF files have all the quick color palette and effects options. When I bring in PNGs or JPEGs, only the the Image Editing options will work. The tulip image on the info page has the "pop" effect applied to it.
If they ever get this where image files can be altered like WIFs... Watch out Photoshop!
OK, I know PS does so much more, but it's overkill for a lot of image editing tasks.