Not a bug... more of a confusing error message.
I have moderation turned on for new users (after X posts they get bumped up to a different group that isn't moderated) and I also have email notification turned on. When I receive an email that a new image has been uploaded from one of the members of the group that is moderated it includes a link to the new image. But when you click on the link it gives...
No Image specified. If you followed a valid link, please notify the webmaster
It sort of makes sense since the image hasn't be validated yet but as an Admin' I would've expected it to say that the image is waiting to be validated or give me a link to the gallery CP.