That's really weird formatting, incidentally.
I'm not persuaded that this is the right way to go about
applet implementation. If you view an applet as just a
fancy way to produce an image on your page, then sure, this
makes sense, but my impression of the applet concept is that
it goes beyond simple image generation. Downloading an
applet from a remote site permits the browser to execute
some arbitrary chunk of code, but it doesn't seem to me that
the function of the applet is limited to producing images.
If that's indeed the case, I don't like overloading the
<IMG> tag this way.