Forum Moderators: open
<td>
<p class="fine">
<strong>
<a href="mywebsite">
<img src="/image.gif" alt="keyword1 keyword2">
<br>
keyword1 keyword2
<br>
</a>
</strong>
<font>
company slogan
</font>
</p>
</td>
A link is a link for PR, which is just numerical value based on the PR of the page the link is on divvied up by the number of links on the page (less a damping factor). As long as it's a link that can be followed, it'll give PR regardless of whether it's text or image.
The anchor text valuation is a different story, that may be valued differently. Keywords in the image alt attribute do get counted. If a link from an image is to a page with no text on it, it'll read in the cache that the words only appear in pages linking to that page - and the effect can be seen for ranking. But it's uncertain whether keywords in the alt attribute carry the same weight as they do in the anchor text of text links.
>text link is any day more valuable.
From a user clickability viewpoint it could go either way. There can be text links at the bottom of a page and attractive buttons linking above the fold or half way down the page - and chances are those button or graphics links will attract user clicks.
User appeal and conversion are a different issue from just plain Page Rank being given to a page by link.
Steve, you've got a link in that code that's got the text and image together - that's just one link.
So, text link is any day more valuable.
It's definitely more valuable if good anchor text is used.
As for the ALT attribute, I have strong evidence that it's counted for the page on which it appears. Therefore I doubt it is counted much for the page linked to (but I don't doubt this is in no ways scientific and just speculation).
Re the original question (PR), as Marcia said: Link is Link.