Paint Shop Pro had/has an option called “Otimized Octree” for reducing the color depth. In combination with the reduction method “Nearest color”, it's possible to convert 24-bit images with <= 256 colors to 8-bit without compromising quality, because the entries of the generated palette are exactly the same colors as those of the truecolor original.
When applying this algorhithm to 24-bit images with more than 256 colors, “minimum variance” quantization seems to be used.
First of all I report about a bag. When XnView 2.35..2.39 uses libimagequant I cannot disable the dithering, although the lib supports it.
libquant.dll returns file version 2.3.1, although the last version of libimagequant is 2.8.2
I applied libimagequant to 256-colors image and didn't find distortion. Does libimagequant really loses quality?
As for full-color photos, the result is very depend on eyes and monitors. On my monitor I see very good results of libimagequant. Only results of NeuQuant is better.
The results of XnViewMP looks like results of non-optimized median cut algorithm.