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PNG is pronounced "ping". This is in the official specification. With GIF, you have at least two valid pronunciations. Not so with PNG.

Compelling as PNG's feature set is -- 24-bit color with an alpha channel, good lossless compression, support in all modern web browsers -- the most compelling reason to use it is probably to avoid embarassment. You can say "PNG" in front of your friends and they won't laugh at you.