Yeah that code should be fine, the image would be uploaded from your machine. Check out W3schools.C0m they can give you any basic html instructions just click on html on the left menu and go to images in case you wanted to add anchor text or borders, even change the size of the image you are putting up.
As far as other 2.0 sites, many times it depends on what you're promoting, some let you get away with everything from teeth whitening to weight loss, also how you're pushing the offer, ie, a story recommending the product or a more aggressive strategy would be just having the offer image and adding no real value by having zero content, these however don't usually last long.
Just look at what other people are doing to gage what you can get away with hubpages, zimbo, friendster, xanga, wikispaces, wetpaint, wordpress, quizilla, gather, onsugar, zannel, zoho are all 2.0