AFAIK there is no way at all to position images in text
except for left or right alignment ( float in CSS ). So there's no
need to look any further on that part.
Have played with it a lot lately but not compiled a good list
of findings. Basic textformatting works pretty good, but it stops
there. No positioning etc. I've seen some components ( in adobe's
exchange for example ) doing table-type formatting of text, maybe
that'll work for you.