Some answers overcomplicate the scenario here. This is a dead simple situation.
Just answer to this question every time you'd like to place an image:
Is this part of the content or part of the design?
If you can't answer this, you probably don't know what you're doing or what you want to do!
Also, DO NOT consider beside the two technique, just because you'd wish to be "printer friendly" or not. Also DO NOT hide content from a SEO point of view with CSS. If you find yourself managing your content in CSS files, you shot yourself in the leg. This is just a trivial decision of what is content or not. Every other aspect should be ignored.