Just a pondering thought, what do the search engines see if for example a website links to you using say your company logo image as an anchor instead of text? I have a feeling once the link is spidered, the name of the image file is used as anchor text. Anyone confirm this?
What if there is no alt tag from say using bbcode to post links? The search engine has to find something to identify the link.
You need to put alt tag (and title tag, too) to your image in order to make it readable by SE spider.
images with no alt tag is considered bad SEO, also bad html, any good designer wants people to know whats meant to be there if the image didnt load, thats the main purpose of the alt text!! anyway, if you didnt have alt text, googles cached snap shot, "text Version" would show the link as a blank space i assume it will read this blank space as the link giving the page it links to, no relevancy to any phrase at all!!
alt tags and image names will let spiders know about the image and it will come in google image search as well. so never forget it.