I'm still looking for the same solution.
Unless browsers give us support for alpha channel or a new image format there will be only workarounds.
Using a jpeg for image and a png for mask would reduce drastically the size, but will increase the file count (2 IMAGE+ALPHA instead of 1 IMAGE with ALPHA).
If you want to improve browsers loading speed and reduce size, you should find a solution with only one browser request (1 image file).
Any solution that I have found is a prototype. But you should check this:
CSS3 Masks
http://www.webkit.org/blog/181/css-masks/
And a two file combination
http://blog.jackadam.net/2010/alpha-jpegs/