No. It is a security measure imposed by Microsoft since the Windows Mobile days. Images do not automatically download to reduce the risk of the bad guys getting to your phone.
I have a spanking new nokia 800 and the email software doesn't show photo's like the iphone (just moved across and generally love the change!!)
is it possible to view them without downloading????
As Jim and Squatch have pointed out, it is by design and there is more than one reason the photos don't automatically show up. Another reason is cost (cost could mean money, bandwidth or just resources). I have 5 email accounts on my phone and it allows me to select what email attachments i want to download.