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Did you make sure your closing </td> tags are on the same line as the image in your editor.
when i use VS 2003 sometimes i get phantom white space (about the height of a <BR> tag) below content in table cells. This is because VS puts a hidden line break that sometimes renders. So if your tags look like this:
that MAY help (it does for me sometimes!)
You can resolve the problem, as you said, by changing the content vertical alignment. It also helps to avoid using tables for structural layout, as this exacerbates the issue.
Note that Gecko shrinks table cells to fit when rendering in Quirks mode, so this problem tends to come as a surprise to many people.