GentleMozers,
If I may. I think this is when the lines of SEO/Social Media/Marketing become slightly blurred. All of you have touched on a very key point that people simply enjoy it! There are numerous studies, like one by Kissmetrics which show that Facebook posts get 30% more interaction than pure text posts.
I would say it not a stretch to assume the same applies to a website. I personally think there are plenty of other tactics to try and implement before I choose to get rid of the main imagery. Not only that, but with the Parallax/jQuery style of website you technically can have your H1 sit on top of your image, so you get the best of both worlds!
I honestly think that my visitors enjoy these images... but they don't determine the rankings of my pages in search.
EGOL I would be curios to know more about this. I mean yes, happiness unfortunately doesn't directly correlate to SERP's but Google must take into account visits. I know it isn't black and white that one image isn't going to make or break a website completely, but there are many times that I have been to a website and been severely distraught by the pixelated imagery and my trust in the company is diminished immediately, even if it's only a little. I guess I'm "cyber-shallow". That in turn, leads to a chain of self-destruction and questioning why I ever went to the website, severe crying, lot's of rocking back of forth. I'm being sarcastic of course, but I think you get my point. Happiness does correlate to rankings, even indirectly.
Getting people to your website is only half the battle, if they don't stay and do something to benefit your business/service/complete a goal that's potentially a lost opportunity. You only get one chance to make a first impression, make sure it's a good one!
Just my thoughts!