That's an interesting point, and I could work around it in other ways. However, quite quickly I got bug reports about people editing those topics and the image wouldn't reparse afterwards...I mean, since it IS a topic, people can edit it via the forums, which of course IP.Downloads does not modify.
I realize we put the dynamic images in the "high security" section, however honestly it's not. You can just as easily link to
http://someurl.com/someimage.gifAnd that someimage.gif could be a .php file with .htaccess making it work as a .gif. I'm sure you know what I'm referring to. There is little to nothing that can be done from a remote server with regards to executing a dynamic image, with the more drastic things being page layout stretching (no longer an issue with our JS resizer) and traffic logging (but again, you can't stop that given that even hits to .gif files will register in access logs without actually making a php .gif file).