> A purely decorative image that doesn't add any information
In general, if an image is decorative but isn't especially page-specific, for example an image that forms part of a site-wide design scheme, the image should be specified in the site's CSS, not in the markup of the document.
However, a decorative image that isn't discussed by the surrounding text but still has some relevance can be included in a page using the img element. Such images are decorative, but still form part of the content. In these cases, the alt attribute must be present but its value must be the empty string.
I have always understood that (and earlier spec incarnations) to mean that <img alt=''> is correct for these cases.