Sorry to resurrect an oldie, but this is actually in my wheelhouse, if I have one. Reminds me a lot of the Barn Facade case.... or even the Meditations. This type of deception is taken to a whole new level, in that our eyes see everything in the image/photo correctly, and yet do not see what is really there. Our eyes in this case are not what is deceiving us, however. An evil geniu... a jerk is deceiving us, using our most trusted sensory perception against us - seeing is believing, correctly or no.
In summary - images cannot be trusted when seen live with your own eyes, far less so when seen in print.
This is a different conclusion though, than what your thread title suggests. As GTA:SWcity noted, advertising makes great use of images/imagery, and so in that sense images hold tremendous value today, perhaps more value than ever, even if the image is a construct.