I assume, by their explanation, that it's actually a normal 12MP still image, jpg/raw, and the "live photo" is an additional video along side the picture that o

I assume, by their explanation, that it's actually a normal 12MP still image, jpg/raw, and the "live photo" is an additional video along side the picture that opens seamlessly when you activate it. Two separate files tied together by the UI. That "Live Photo" will still be a normal jpg