"The IMAGE element behaves in the same way as <IMG> but allows you to include descriptive text, which can be shown on text-only displays:
<image align=top src="http://spoof.cern.ch/people/tbl.gif">A photo of Tim Berners-Lee</image> Before coming to CERN, Tim worked on, among other things, document production and text processing. etc.
On text-only displays, the text within the IMAGE element can be shown in place of the image:
[A photo of Tim Berners-Lee] Before coming to CERN, Tim worked on, among other things, document production and text processing. etc." (HTML+)
This has been replaced by the <img alt="text"> combination.