To put an image up, from another account (such as photobucket or imageshack) use the image tags [ img]URL goes here[ /img] (without the spaces of course). If you are using the image button on the reply tool bar, be sure to hit end before hitting enter after you've added the link address using the pop-ups.
Since the updates were done to the site, the photo address has been highlighted in your replies once you use the image function button and if you don't un-highlight the image, any typing after that erases the address of the image.
If you are trying to upload the image from your computer, you have to use the attachment feature underneath the reply window to upload the image.
Hope that helps.
Jenn