The surrounding text wraps around it from top to bottom. Image positioned at the left side of the browser window, with text to the right. Image positioned at the right side of the browser window, with text to the left. Text aligns with the top of the image. Text aligns with the middle of the image.
Text aligns with the bottom of the image.
The bottom of the image is aligned with the bottom of the surrounding text. The image top is aligned with the top of the surrounding text. The bottom of the image is aligned with the baseline of the surrounding text. Browser support is spotty for Absbottom, Texttop, Absmiddle, and Baseline. The other attributes may place one line of text where you expect, but then drop the rest below the image.