What quality level does Image.Save() use for jpeg files?
Using reflector, it turns out Image.Save() boils down to the GDI+ function GdipSaveImageToFile, with the encoderParams NULL. So I think the question is what the JPEG encoder does when it gets a null encoderParams. 75% has been suggested here, but I can't find any solid reference.
EDIT You could probably find out for yourself by running your program above for quality values of 1..100 and comparing them with the jpg saved with the default quality (using, say, fc.exe /B)
IIRC, it is 75%, but I dont recall where I read this.