Indeed, this version allows giving a photograph filename (according to IEEEtran_HOWTO.pdf which cames along with the style file), though I don't know how it can be used from LyX. Not important at the moment for me.
The same HOWTO contains lots of LaTeX tricks and I recommended that everyone using the class reads it even if using LyX.
IEEEtran.cls has a lot of new specific code, so that someone should write a _new_ layout file, but i suppose, that it is not possible to have this all inside LyX, a lot of ERT will ne needed ...
Herbert