Yes PLEASE. I have spent a lot of time Removing link shorteners from posts! and many of the blacklisted link shorteners are actually image hosting services, so I have experience dealing with this.
Many image hosting services delete their images after a certain period of time. After this has happened, it can be IMPOSSIBLE to get a replacement.
There is only one image I can remember that I was able to find a suitable replacement for. The only reason I could was because it was of a pop up in a very popular tool, and the question essentially dictated what it said.
There is still a lot of work to be done with removing banned image links. yfrog.com alone has 200 hits.
A number of questions relied on now broken images to be coherent. It's impossible to answer a question when all it says is:
How do I get this effect in jQuery?
I want to do this in jQuery:
(Yes, this is loosely based off personal experience.)
By my calculations, there are about 20k different posts (on Stack Overflow alone) that have inlined images that aren't from i.imgur.com:
-- returns 19186 rows
id as [Post Link]
where body like '%<img src="http://[^i]%'
This probably misses a great deal, like imageshack images.
I think that the best solution would be to automate as much of this as possible. Would it be possible to have the community user find all the posts with live inlined images, upload them to imgur, and replace it with the new link? In the past they helped transition links during the great meta schism, from what I heard.