Given the ever-rising speed of the average net connection I don't tend to think that page loading time is much of a concern any more [ducks!]; It's really far more useful to think about what you are trying to achieve with the resources you have at your end: For example is bandwidth limited? Then tending towards heavier compression is a no-brainer. Is the graphic content of the site going to expand, ensuring that the cost of server space will increase over time? Then tending towards heavier compression will delay that cost. Is it an art portfolio site? Then -- aha! -- compression artefacts in the sampler work may actually be desirable! Are you trying to flog a game? Then the screenshots should probably be ultra-crisp.
Generally, then, I would repeat what has been said, although perhaps in slightly different language: For site furnishings, which tend to be computer-generated and will be cached for re-use between pages, tend towards png; For site content, which will often be page-specific and likely large and complex enough to mask lossy compression, tend towards jpg.
With specific reference to switching to png where you decide it is appropriate, run everything through PNGCrush as a matter of course -- otherwise they won't get displayed with the colours you expect in every browser and the overall quality of your design will be diminished.