is it possible to replace the use of gd_lib with imagick or ImageMagick?

Yes!

Orangelab has built a plugin which can replace WP’s use of GD with Imagemagick (provided it’s already installed on your server – it’s not included) for creation of all image sizes and thumbs, and even regenerate existing images too!

For anyone who cares about image fidelity, this is huge deal, as GD does not handle color profile preservation or conversion (resulting in horrible desaturation), and also ends up softening any image it converts…

http://wordpress.org/extend/plugins/imagemagick-engine/

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