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I know a way to get the page rendered in backCompat in gecko and Opera while being rendered as CSS1Compat in IE, but I would prefer if all browsers were in CSS1.
The w3C say Use the alt attribute to describe the function of each visual [w3.org]
Also from the w3C: [w3.org...]
4.1.4 Floating elementsUsing the 'float' property, an element can be declared to be outside the normal flow of elements and is then formatted as a block-level element
img {
background:#f00;
float:left;
}
in the CSS will create (for a 'missing' image) a red 'placeholder' the width and height specified in the HTML - regardless of the length of your alt attribute (although... if your alt text is quite long, it WON'T wrap in IE7 or Opera9, but it will in FF2)