In the presentation, he notes that TIFF is like taking a photograph, where you may make some adjustments to the image when it is taken, but then fix the image and make it permanent. Derivatives are made by making copies of the master.
He then talks about J2K as being a format where much data is captured, then
File management and delivery system meters out image quality (up to a maximum established or available) on demandNotice that "creating" different quality access images with J2K doesn't require creating derivative images (files), but instead relies on the delivery systems for displaying on-demand what the user wants.
You can view Ron Murray's complete presentation here.
Technorati tag: JPEG2000