I can make an image link, such as:

That will render as
.
If I then inline that page, the (relative) URL no longer points to the right place. The fix for this promises to be hairy.
Similarly, if you insert a relative link using the markdown link syntax, it will tend to break when the page is inlined.
However, there is a simple way to avoid both problems: Use WikiLinks and/or the img directive. --Joey