If you're looking for image editing tools online or Flash content generators, go check out creatingonline.com
While the image editing tool is pretty basic, it does allow you to add text to a photograph, resize / crop it, etc. If you're not looking to make a montage or add transparency or 3D effects, it works pretty well as a basic image editing tool.
The flash and dhtml generators are pretty cool too, and allow you to add bells and whistles to your webpage without having to buy or learn Macromedia (now Adobe) Flash.
Mostly for amateurs and dabblers. It still allows you to create some pretty cool stuff for your webpage, though.