I just installed OACS 4.5 (finally) and was particularly interested in how ETP handles embedded images in pages. This thread helps explain the status of things.
For what it's worth, I put together a 3.2.5 module that does a number of the ETP functions, but in particular uses some ideas and code from the Musea content management system for handling images in the text. It organizes pages into topics, scopes to groups or site-wide deployment, and lets authors control various other aspects of the page (but doesn't do revision control like ETP does). I've enabled the module in the Bay Area OACS User Group area; if you're interested go to http://www.epimetrics.com, register (Talli, you've already done that, long ago), add yourself to that group, and have a look. I've given regular group members page editing permissions so you'll have access to all the editing/admin pages for the group.
I'd offer to port this across to 4.5 but that seems superfluous given all the great work in ETP. Ah well, I hope to be able to give back to the community with 4.5 development soon, now that various 3.2.5 projects have stabilized.