1. A system for performing an image rendering procedure, comprising: a rendering manager configured to divide an original luminance image into a plurality of original subband images which are then converted into original perceived contrast images, said rendering manager performing a compression procedure upon said original perceived contrast images to produce compressed perceived contrast images, said rendering manager then converting said compressed perceived contrast images into compressed subband images that are combined together during a subband combination procedure to generate a rendered luminance image; and a processor coupled to said system for controlling said rendering manager.