Forum Moderators: open
For PR distribution it doesn't matter if you use a text or an image link. Also, for indexing and spidering it doesn't play a role.
However, there might be difference in the ranking (for the page which contain the links as well as for the target page). This means that Google might give the anchor text of text links a different weight than the alt text of image links.
An image link with an ALT tag will not at all affect the distribution of PR, there's a fixed algorithm for that and it will bleed 'normally' from one page to the page it links to no matter how it's linked (I'm not sure the exact percentage). On the other hand, if you have, on one page, a 'Widgets" text link linking to a "Widgets" page, and on another page, a "Widgets" image with a "Widgets" ALT text linked also to the same "Widgets" page, the page with the text link will always score higher in the SERPS for a search for the "Widgets" keyword. Normally the 'link to' and 'link from' page will appear in the SERP's - but the image link is deemed much less 'relevant' so has a lesser chance of showing up in the search.
I hope I was clear...