BIP (.bip)
The .BIP file extension stands for Bunkspeed Interactive Photograph. A BIP file is the “scene” file used by the HyperShot application to contain all geometry (3D objects), object materials, links to textures, camera views, link to the last-used HDRI image, link to back plates, and other settings such as brightness, contrast, ground reflections, and shadows).

One of the best features of a BIP file is that you can freely move it between HyperShot, HyperShot HD, and HyperShot Pro. This means that you can, for example, create a complete scene with HyperShot, open it in HyperShot Pro, and render it in full 2560x1600 resolution. This feature alone can save many hours of creative effort and thousands of dollars from your software budget. NOTE: When using this feature, make sure that you copy all texture, HDRI, and backplate files to the machine that will be rendering the final image.
HDRI (.hdr)
NOTE: This text is adapted from Wikipedia (http://en.wikipedia.org/wiki/High_dynamic_range_imaging)

HDRI stands for High Dynamic Range Imaging, which is a set of techniques that allow a much greater range between light and dark areas of an image than normal imaging techniques.

HDRI is designed to accurately reproduce the wide range of lighting levels found in real scenes from direct sunlight to deep shadows. Information stored in high dynamic range images usually corresponds to the physical values of luminance or radiance that can be observed in the real world. This is different from traditional digital images, which represent colors that should appear on a monitor or a paper print.

Therefore, HDR image formats are often called "scene-referred", in contrast to traditional digital images, which are "device-referred" or "output-referred". Furthermore, traditional images are usually encoded for the human visual system (maximizing the visual information stored in the fixed number of bits), which is usually called "gamma encoding" or "gamma correction". The values stored for HDR images are often linear, which means that they represent relative or absolute values of radiance or luminance (gamma 1.0). HyperShot uses HDRI images for lighting purposes.
OBJ (.obj)
NOTE: This text is adapted from Wikipedia (http://en.wikipedia.org/wiki/Obj)

OBJ (or .OBJ) is a geometry definition file format first developed by Wavefront Technologies for their Advanced Visualizer animation package. The file format is open and has been adopted by other 3D graphics application vendors and can be imported/exported by a wide range of 3D applications.

OBJ is a simple data-format that represents 3D geometry alone- namely, the position of each vertex, the texture coordinate associated with a vertex, the normal at each vertex, and the faces that make each polygon.

An OBJ file also supports smoothing parameters to allow for curved objects, and also the possibility
to name groups of polygons.
STEP (.stp)
STEP files exchange 3D data using an ASCII character structure.
IGES (.igs, .iges)
NOTE: This text is adapted from Wikipedia (http://en.wikipedia.org/wiki/Obj)

The Initial Graphics Exchange Specification (IGES) provides a neutral and widely used data format that facilitates exchanging data between various CAD applications.

Other
HyperShot can also use the following file types:

TIF, JPG, etc: HyperShot uses standard image formats for backplate images.
DDS: The Microsoft® DirectDraw Surface (DDS) file format stores textures and environment maps and supports both compressed and uncompressed pixel data.

HyperShot Files/Folder Structure
The default HyperShot data folder (created when you installed HyperShot) uses the following files and folder structure:

BIPs: This folder stores HyperShot scene files and is the default file save location for HyperShot.
Textures: This folder stores all material textures. BIP files will look in this folder for all linked textures.
BackPlates: This folder stores all 2D backplate images in JPEG of TIFF format.
EnvironmentImages: This folder stores HDRI (environment) images.
HyperShot.xml: This file stores path information for all HyperShot folders and tracks the number of screenshots you’ve taken.
MaterialLibraries: This file stores all of HyperShot’s predefined materials.

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