The following code:
<%= Html.Image("~/Content/Images/test.gif") %>
Outputs the following incorrect URL path in the Preview 2 release of the MVC framework:
<img src="/AppBaseContent/Images/test.gif" alt="test.gif" />
Note the missing directory separator between the /AppBase and the Content directory. If I remember correctly I believe this was a problem in the MVCToolkit code... It must have been ported over to the Preview 2 release.
The ugly workaround is to put an extra path separator in the relative url path:
<%= Html.Image("~//Content/Images/test.gif") %>