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Why not? I think it is a fair replacement for a lot of image use-cases. If JS is turned off, users still have the ability to view the image and description, without the image hurting your total page weight.

Have a style sheet at the bottom of the page below some js. The js sets up lazy loading and changes all the image div id/classes so the style sheet does nothing. The style sheet sets the image divs backgrounds to your images otherwise. That should still work without js. Although it's a mess to work with...

It would be nice if they supported an anchor with a noscript tag inside containing the image