The online tool for precision vectorization VectorMagic impresses very much with its results. This great service is the result of a Stanford University Artificial Intelligence Laboratory research project by James Diebel and Jacob Norda. In comparison with Adobe Live Trace (Illustrator CS2) and Corel PowerTRACE (CorelDRAW X3) online VectorMagic look like much more precise tool both in shapes and colors.
For the input you could use JPG, GIF, PNG, BMP and TIFF and get the output in EPS, SVG and PNG. You can get better results using VectorMagic with logos and simple graphics though photos are supported too. If you are a graphic designer and have bad, pixelated logo submitted by clients, this web app really seemed to do the job. VectorMagic turns any raster image into vector in one try without fiddling with a million different complicated settings as it could be with Adobe Illustrator or CorelDRAW.
After uploading of your image you have to choose type of it which is required to get better results: photo, logo with or without blending at color boundaries. The next step is to choose quality level of your image: high, medium or low. Then you have to choose either your image has a few or many colors. And finally you can change the whole palette for your vectorized image or just any color if you wish. You can also manually edit the result if you are not satisfied with it. And then download your vector artwork or share with friends or clients. You can have a look at some examples on VectorMagic’s website.