1. A system for parallel image processing in MR imaging, comprising: a plurality of MR imaging RF coils for individually receiving MR imaging data representing a slice of patient anatomy; an MR imaging system for using the plurality of RF coils for acquiring a corresponding plurality of image data sets of said slice; an image data processor comprising at least one processing device conditioned for, generating a composite MR image data set representing a single image in a single non-iterative operation by performing a weighted combination of luminance representative data of individual corresponding pixels of said plurality of image data sets in providing an individual pixel luminance value of said composite MR image data set and reducing noise in said composite MR image data set by generating a reduced set of significant components in a predetermined transform domain representation of data representing the composite image to provide a de-noised composite MR image data set; and an image generator comprising at least one processing device conditioned for generating a composite MR image using said de-noised composite MR image data set.