>> * If there are many images mixed with text, the top of the text
>> block is vertically jumping a lot.
>>
>> * It is a waste of space. For example, LilyPond's notation
>> reference has more than 900 pages including almost 1700 images; a
>> raised box would save a few pages.
>
>
> Can you try the following change and report how it looks?
This is *much* better, thanks!
> I expect this will also affect spacing for images that are not at
> the top of the page.
Yes, in a good way (at least for us :-) This change makes our
LilyPond manual shrink from 927 to 906 pages.
Werner