Hi Honza,
What version of Windows are you using?
The 'Picture Placeholders' (white frame with sizing handles) setting in Word 2007 is in the Advanced Word Options dialog
(Alt, T, O, A) and scroll down to the 'Show Document Content' area.
Turn off: Show Picture Placeholders
Turn on: Show drawings and text boxes on screen.
If that doesn't correct the issue -
If you create a new document in Word 2007 do you see the same thing, or is this only in Word 2003 created documents opened in Word
2007?
If a Word 2003 document if you use Office Button=>Convert, do the graphics appear?
Does it only happen in Word 2007 with pasted graphics or with ones you add from Insert=>Pictures?
Before you paste, but have a graphic on the Word 2007 clipboard, if you use Home=>Paste=>Paste Special, what format is Word
defaulting to for the pasted picture?
Do you have languages for Right to Left text enabled as well as Left to Right?
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Yes, inline pictures are visible in print layout but not in draft. I don't
know what exactly placeholder is. In my (programmer's) mind, placeholder is
gray box wiht text "here will be picture", but i do not see anything else in
draft than white space with same size as picture. >>
--
Bob Buckland ?
MS Office System Products MVP
*Courtesy is not expensive and can pay big dividends*