We're having a spirited discussion about this at my workplace. We're talking about user uploaded images for a bunch of products, not images needed to display the basic site. I say "no way" but I'm curious what others think.
Update: Just to clarify. These are customer supplied images for products that they are entering/modifying.
I agree with 'no way'.
Anything that may change on the site through day-to-day use, or is editable by whoever administers the website I consider to be 'content'. This includes uploaded files and database content, both of which are backed up separately. Nothing on the website that is in version control changes once it's been deployed. Easier that way.