Deprecated
This feature is no longer recommended. Though some browsers might still support it, it may have already been removed from the relevant web standards, may be in the process of being dropped, or may only be kept for compatibility purposes. Avoid using it, and update existing code if possible; see the compatibility table at the bottom of this page to guide your decision. Be aware that this feature may cease to work at any time.
Non-standard
This feature is non-standard and is not on a standards track. Do not use it on production sites facing the Web: it will not work for every user. There may also be large incompatibilities between implementations and the behavior may change in the future.
The obsolete HTML Image element (<image>) is an obsolete remnant of an ancient version of HTML lost in the mists of time; use the standard <img> element instead. Seriously, the specification even literally uses the words "Don't ask" when describing this element.
Do not use this! In order to display images, use the standard <img> element.
While some browsers will attempt to automatically convert this into an <img> element, they won't always do so, and won't always succeed when they try, due to various ways in which the options can be interpreted. So just don't use it if you like your users.
Specifications
This might have once been part of a specification, but nobody seems to remember. It certainly isn't anymore. Just avoid it like the plague.
Browser compatibility
BCD tables only load in the browser
In general, browsers will attempt to map this to <img>, but only if the src attribute is specified as well. Creating an <image> element without a src attribute results in an HTMLElement object with the local element name "image". However, if the element is created with a src attribute, the result is instead an HTMLImageElement and its local element name is changed to "img".
However, that doesn't mean this is a good idea to use. It's not.