I do have a Lotus Notes email containing inline images. When I run the following lines of code which simply changes the subject of the email the inline images is lost.

Sub Initialize

Dim ns As New NotesSession
Dim nc As NotesDocumentCollection
Dim nd As NotesDocument

Set nc = ns.Currentdatabase.Unprocesseddocuments()  
Set nd = nc.GetFirstDocument()

    ForAll Items In nd.Items

    End ForAll

Call nd.Replaceitemvalue("Subject", "Forall")
Call nd.Save(True, False)

End Sub

The problem is caused by the ForAll loop which actually doesn't do anything. If the loop is commented out the inline images still remain on the email.