What's your vector Victor?

I remember ages ago there was supposed to be a way of turning bitmaps into vectors meaning they're totally scaleable into as high resolutions as you like without a loss of quality. I think I did it with Corel Draw or something. I had a look on the internet for the best way to accomplish what I was after and I came across a very nifty site called Vector Magic which takes a bitmap and vectorises it for you giving a free PNG and the option of having a vector EPS file which can be read by Adobe Illustrator.

The reason why I was doing all of this was because the great pic Muzz did of my character was so small and I wanted a higher resolution copy for wallpapers and stuff. So I took the original 550x635 image and turned it into this 4181x2609 image (16:10 aspect ready to be downsized for wallpaper use).

Before and after comparisons: