Aligned to the top

If you put an image with a line of text, it might look better if it's aligned with the top of the line and then followed by another couple of lines of interesting text

Aligned to the middle

Or it might look better if it's in the middle of the line depending on what's around it, although it doesn't look much like the middle to me...

Aligned to the bottom

Or it might look better at the bottom of the line with lots of text in it that is very important and that says something crucial

Then again, maybe it doesn't matter much.