So while uncompressed doesn't save memory, still since there's no additional processing there's some performance gain, correct?
There's not really any extra processing going on during load for a uncompressed DDS, but the video card does have to do more work. An uncompressed 32-bit DDS with a size of 512x512 is a total size of 1meg. A compressed 32-bit DDS with a size of 512x512 is a total size of 256k. It's going to take more time for the video to get the image, manipulate the image, and use the image if it's uncompressed. In that case it doesn't matter if it's uncompressed DDS or not. I'm more willing to deal with the compression artifacts than the speed decrease in most instances.
But that's why we have -img2dds (when it actually works for everyone). Then you can have a 32-bit TGA image (uncompressed DDS isn't affected by -img2dds!!) without any sort of compression artifacts and let the user decide if having that image compressed is the best option or not.
So while uncompressed doesn't save memory, still since there's no additional processing there's some performance gain, correct?
How many mipmaps would you say are necessary for large background images, like nebulas and planets? They are big and don't get resized often (only once per mission, right?), so maybe 2? 1? 0? (How would the 3D Hardware Textures slider affect this, being backgrounds?) I notice the DDS versions of the planets in mv_effects have up to 11, is this a good idea?
This is actually a loaded question so try and stick with on it, it may not make much sense...
A mipmaped file is one that contains various sizes of a particular image. So, when you use a 1024x1024 image of a planet, with full mipmaps, you are sending to the video card a 1024x1024 image, plus a 512x512 version, a 256x256 version, a 128x128 version, a 64x64 version, a 32x32 version, a 16x16 version, a 8x8 version, a 4x4 version, a 2x2 version, and a 1x1 version. 11 mipmaps == 11 images. For that planet you could probably just get away with the first 3 (1024x1024 -> 256x256) and let the video card just resize the smallest version itself. Of course you could just not use mipmaps for those at all. The mipmaped version will be slightly faster to render, since it will just use the version that best matches the size in use, but then you are wasting all of the other mipmap levels which are also loaded into memory. So while you will get an increase in rendering speed, and probably an increase in quality, you are using more memory to do it. You aren't wasting much memory on the low side (the size of all mipmap levels, below 512x512, *combined* are 1/3rd the size of just the 512x512 level in memory) but you do waste memory on the high side (if you only need the 256x256 version then are wasting at least 75% of the memory used by the image). In other words, this part is tricky.

Eventually I plan to fix this so that the code will only try to use the mipmap level that best matches the size of the starfield bitmap (suns, planets, nebula) in use. This is possible, just not a high priority. When that gets fixed though you can do whatever you want with the mipmap levels and the game will go with what works best automatically.
If you want an answer on what to do then I can't really give it to you. For now it's totally a judgement call based on the image. My basic opinion is (if using a 1024x1024 image) to make at least 3 mipmap levels, just to try and help people out rendering speed wise, but making the full set of mipmaps is only going to use another 21k of memory so why bother not doing it.
How about stuff like lasers, thrusters, and explosions? Those get resized a lot. Of course, some start out pretty small to begin with. I notice most of the current EFF-animated DDS series of laser effects have no mipmaps at all. Meanwhile the WarpMaps, a 512x512 EFF-animated DDS series, have 9. I like that with the mipmapped explosions we can eliminate the LOD files, but do I follow the (exp4.ani 256x256) example and have 2 or so mipmaps, or would more be better?
I don't think lasers matter much, but I mipmaped mine and really like the result. It just looks nicer in my opinion. Thrusters and glowpoints, these are considered part of the model so they should have full mipmaps like any other ship texture.
Explosions and warpmaps are two things that can benefit heavily from mipmaps. I say that it's basically a crime at this point to not use mipmaps for those. Of course you have to tell the game (via a weapon_expl.tbl, or the XMT version) to only use the one LOD image in order to avoid also mixing in retail effects. For both of these types you aren't really going to waste memory by making a full set of mipmaps since nearly every level will end up being used by the game. This certainly falls into the "more is better" category, do the full set and be happy knowing that you are doing everyone a favor.