Course, you can always use something like Flashget's Site Explorer to find the image file and download it directly. There are ways to protect against that as well but the bottom line is if somebody wants it bad enough, they'll find a way. In some cases, I imagine the more roadblocks you put up, the more determined they'll be. You can probably discourage the less clever and the less determined. which hopefully will account for a large percentage of the problem. The only thing I've seen that seems foolproof (for the time being at least) is a product that encrypts the image and decrypts it only in the video adapter's RAM. Definitely not free and probably not cheap either.

"Democracy is a pathetic belief in the collective wisdom of individual ignorance." - H. L. Mencken