So... SEO for images

I am creating an automated wallpaper site that scrapes images off various sites, and so far I've just been saving copies of the images in a database.
But now I'm thinking... are dynamic images any good for SEO? If I use image.php?id=12 instead of meaningfultitle.jpg, it would matter quite a lot, wouldn't it?
Is there some way of performing SEO on dynamic images?
Note: I did a bit of research on one of google's blogs, and Google
does index dynamic images.
You can try it on google images by searching with this query: 'filetype:php today'