TR is redesigning our own e-mail products right now because most e-mail clients--particularly Outlook 2007--block images by default. Since most folks never chnage the default settings on their apps, most people won't be viewing the images, they'll just get the broken image icon and whatever alt text you specify. Generally, you'll be going to extra trouble just to make your e-mails uglier.
If you MUST have images, make sure they are right-justified, so that any text on the same line won't shift position when the image gets blocked. Also, be absolutely certain you specifiy alt-text, especially if you're throwing in a company logo instead of (not in addition to) the company name. Finally, remember that Outlook embeds images using HTML, and if the recipient's e-mail client is set to text-only or rich-text (which is the case with most phone-based e-mail clients, or set that way on some companies' desktops for security reasons), you're still wasting your time.
Bottom line, design your e-mails as if the images won't show up, because in most cases, they won't.