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Yes, sort of.
The way I do it is this:
Make a rectangle the same shape as your raster image.
Distort it (using perspective or any other method).
Make a copy of it.
Embed your image, select it, and with the distorted rectangle in front: Object > Envelope Distort... > Make with Top Object.
Thanks Steve for this "workaround".
You can't use Bitmap images - photos etc. or indeed any raster image effects in perspective... you have to wonder what the point is... This is a half-baked feature that is wasting my time... because I spent an hour going through a tutorial trying to learn about something that is not going to work with 90% of what I do in Illustrator.... its frustrating that a potentially powerful tool like perspective grids has so many abitrary limitations.