I've been referring to LLMs as JPEG for all the world's data, and people have really started to come around to it. Initially most folks tended to outright reject this comparison.
I think it's a solid description for a raw model, but it's less applicable once you start combining an LLM with better context and tools.
What's interesting to me isn't the stuff the LLM "knows" - it's how well an LLM system can serve me when combined with RAG and tools like web search and access to a compiler.
The most interesting developments right now are models like Gemma 3n which are designed to have as much capability as possible without needing a huge amount of "facts" baked into them.