The program will allow you to do simple modifications very similar to those of Paint, like using the pencil, paint can, insert text or geometric shapes, or rotate images. But it will also allow you to apply more complicated filters, or play with the brightness and saturation.
Alternate Pic View works with more than 20 image formats, including the popular JPG, BMP, GIF, PNG, or TIFF, but also other less common but equally useful formats, like PSD. Moreover, you will be able to view all of them consecutively in a slide show without a problem.
Alternate Pic View is an interesting tool that definitely includes many additional improvements and features with respect to Windows image viewer.