A while ago I reported images not being included exports from Org files that have #+INCLUDEd Org files. I think the images are being searched from relative path of the top Org file, and not respecting the different path of the included Org files.
Described by me here: http://lists.gnu.org/archive/html/emacs-orgmode/2011-04/msg00265.html and reproduced by Robert Goldman here: http://lists.gnu.org/archive/html/emacs-orgmode/2011-05/msg00025.html I've checked the 7.7 bug fixes but it hasn't been mentioned. Can I please report it again in case it's slipped off the radar? Thanks John