Jeff Russell gives a "lunch hour" talk at Marmoset about GPU texture compression. This talk covers the basics of the BC1-7 schemes, and some strategies and rationale for working with these formats.
Slides: https://docs.google.com/presentation/d/1zCK_vhRnXaU_W4sDcPy36F1Tl8lScHWgeEVyoyUWkBY/edit?usp=sharing