You could use the IfImage(guidcolumn,ifimage,ifnotimage) method in the mean-time.
also, you could wrap your markup in an <asp:PlaceHolder control to make it so you don;t have to escape quotes and things.
Here is an example:
<asp:PlaceHolder runat="server" Visible="<%# Convert.ToBoolean(IfImage("picture",true,false)) %>">
<div style="float: left; padding: 10px 20px 20px 6px; margin: 0 20px 0 0; background: #FFF;">" <%# GetImage("picture", 120) %></div>
</asp:PlaceHolder>
Remember that an ASCX transformation is really just a user control, so you can use much of the code that you would normally use in a user control. You can even have <script runat="server"> to place methods and event handlers.