Seems like a bug to me. You decide :)
I created about 300 items using Easy Populate. Several things weren't right, so I deleted them all. When I created another list using Easy Populate, the no_picture.gif placeholder was gone. I checked for it in the root of images and it was gone. Poof.
It was there and in use on the first list of 300, so the only thing I can figure is that it somehow got deleted when I deleted the 300 listings. I had a backup, but wanted to report this in case it's not a designed behavior.
Jim
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