We've just encountered this problem on a recent upgrade from 4.5.1 to 4.6.2. On 4.5.1, we had been using the workaround of inserting the [image_URL] token into the Rewrite field.
But now, [image_URL] no longer returns a URL, but a full img tag. The token "CiviCRM Contacts: Contact Image" as a token on Drupal 7/ Views 3, image style setting of "None (original image)," produces
<img title="" alt="" src="https://example.com/sites/example.com/files/example.com/civicrm/
which doesn't resolve to anything. The physical location of the file, from webroot, is
Oddly, these images had been broken on the contact view page, but now display correctly, so it seems somewhere between 4.4 and 4.6, the image handling was fixed in one place but broken in another.