I've just tested this.
The image was retrieved when I viewed the email in Gmail.
The tracking info basically comes back as "anonymous" and viewed from an unknown location.
The image was retrieved twice even though I only viewed the email once.
Currently I'd say that seeing the image being viewed is still valuable. I'm sure Google could move to proactively fetching the images in future destroying even that value.
The image is cached (via browser headers), but isn't aggressively cached (via reverse proxy). Fresh views on different browsers or a later session would still result in a request for the image back to the source server... registering the view again.
My personal view on all of this is that this is a bit Microsoft... you know, convenience and features over security and privacy.
For me, this "feature" leaks data about what I view to 3rd parties where today I block all images and do not leak that info.