Found the place to submit bugs or enhancement requests to the Android Development team. Created a request to get the output of the screen shots changed to JPG or to get option to select between JPG and PNG.
Please post your support at the link below. All it requires is for you to be signed into your google account.
Who knows....maybe this will work if it gets enough posts.
Issue 23969 - android - ICS setting change request for Galaxy Nexus as well as future devices - Android - An Open Handset Alliance Project - Google Project Hosting
All you have to do is click the star....you do not need to comment....but you MUST click the star...it is on the left right next to "issue"....by clicking the star it increases the stars count which in turn supposedly drives the attention. Meaning more stars equals faster results