We're not back to where we started, but instead have the entirety of
image 3, and the top of image 4 (which is what I'd expect when C-v-ing
from where I was).

So I think Emacs behaves very nicely when C-v-ing down a buffer of large
images, but when M-v-ing back up, it seems to scroll too far.

-- 
(domestic pets only, the antidote for overdose, milk.)
   bloggy blog: http://lars.ingebrigtsen.no