I remember other users also encountered the same problem when they migrated from MCMS to MOSS. It seems that if the images are placed in the image placeholders, they will be migrated successfully. However if the image is embedded inside HTML content, then the src attributes will miss. In MOSS 2007, local images and attachments will no longer be supported. We recommend you put the image in image libraries and redefine the source for these images. Thanks for your understanding.