Bmp2eps converts from BMP/GIF/PNG/JPEG/PNM/TGA to PS/EPS/PDF. So what? you might ask, so do many other programs.
The main claim to fame of bmp2eps is that JPEG images are never decompressed then recompressed, they are somply transferred straight to PostScript or PDF, both of which support JPEG's compression algorithm, without further, potentially lossy, decompression and recompression. It is also the case that bmp2eps tries to make its output as small as possible. In many cases it can produce EPS files which are smaller than the GIFs on which they are based.
The program is distributed as source, and needs remarkably few libraries, just zlib and libpng. It will build without libpng, but will lose PNG support. It will even build without zlib, but its compression becomes much poorer at that point.
The program for performing the opposite conversion, that of finding JPEG images in PostScript files, and extracting them to JPEGs without and decompression and recompression stage, is psimages, which relies on ghostscript. For the same applied to PDF files, it is pdfimages from xpdf.
Some may be upset by the name. I changed from jpeg2eps to bmp2eps in 2003, when support for gif, pnm and bmp was first added. The code was not widely known or distributed back then (it was known to around a hundred people). I had written jpeg2eps in March 2001. Yes, it has taken nine years for me to bother to release this under the GPL! There are now other utilities of overlapping functionality, which have been developed entirely independently of this code.