yes, but of course less awesome than other formats. You will see (just like you can when you zoom in inside photoshop) ringing at high-contrast areas (where you want the best definition in an engrave) so you end up with a randomly wavy pattern (like on screen). Lots of folks (including me) have done photo engraves with various results (I had very good success with a lithograph which was a jpeg but admittedly a linear crosshatched one)
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