Cannot embed external image in Formula field?!

Hi,

The standard embed image in a List View feature, normally used with a formula field and img src code in conjunction with a upload/text field isn't working on external images any more.

Images not hosted on Zoho don't load. Since when did this feature disappear/change?

Correct me if i'm wrong, I'd love someone to help me out with this.

On the other hand, if this has been disabled, it is quite clear that Zoho can't compete with the image hosting capacity of say - ImageShack. Then why would one not want the files hosted elsewhere?

I'd be grateful for any kind of help.

Reference thread: http://help.zoho.com/portal/en/community?ftid=2266000000014348

Lastly, is this a bug or a [security] feature?