Such messages also reduce the amount of text that can be placed on a line.
IRC server set limits, on how long a line of text can be. Imagine this used for smilies, and the ammout of people that go excessive on how they use them.
THis would also mean more backend processing, to display such images. This could lead to a DOS attack, when flooded with requests.
I would image somthing like an aditional control character, and a single (restricted length, with no spaces) word or number, with another character to end it. On top, a setting in mirc, that resticts the amount that are processed per line of text (default 2?).
Image are then picked from a config specified directory, and the image must only be BMP.
While a more secure solution, I still hate the idea.