>>>Some SE's don't index alt tags, the others don't give the tag as much weight as "real" text.
>>Some SEs don't index meta tags either. That's one of the reasons this approach will not be very effective.
>Being that search engines orperate on density of keywords both in page text and meta tags, wouldn't it be better to do your major keywords in text and general information that would tend to water down your keywords in a graphic?
Perhaps, good for the SE. But what about your visitors who load with graphics turned off. The percentage is surprisingly high.