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Images are previews or placeholders. There are two exceptions, one being the ad-block thanker on the right and the sponsored link at the top.
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I think the main draw for this site is the titles of the articles/post/images being linked to. The thumbnail images can be a *little* too small to really get any real idea of what the image or post is about. The placeholder image (little Reddit mascot with a question mark) for posts helps identify the link as a text post as opposed to a weblink or image.
At the same time though, there are some links that I’m more likely to click on entirely because the thumbnail intrigued me.