1. A method for creating a fused image from an image pair comprising a panchromatic image and a multi-spectral image, comprising: obtaining image data defining a first image of a panchromatic image type, said first image having a first spatial resolution and a first spectral resolution; obtaining image data defining a second image of a multi-spectral image type, said second image having a second spatial resolution lower than said first spatial resolution and a second spectral resolution higher than said first spectral resolution; simultaneously solving a matrix equation for determining (a) a set of spectral calibration weights for all available multi-spectral bands of said second image for spectrally down-sampling the second image to the spectral response of said first image, and (b) a set of spatial point spread function weights for spatially down-sampling a pixel geometry of said first image to a pixel geometry of said second image; fusing said first image and said second image to initialize a fused image having said first spatial resolution and said second spectral resolution; using at least one set of weights determined with said matrix equation for determining if pixel radiance values of said fused image are consistent with the pixel radiance values of one of the first and second image; and blurring at least one pixel comprising said fused image based on radiance values of at least one pixel comprising said first image.