IMAGE(URL) Function on Spreadsheets

IMAGE(URL) Function on Spreadsheets

  Hello  ZOHO  Team,

I see that the  IMAGE / IMAGE(Url) function is available now on Spreadsheets,
I searched on Zoho's forums/topics with no results about this new feature from other users.
How can I make it work?

I already tried the following ways with no luck:

=IMAGE( http://mysite.com/image.gif)
=IMAGE( ' http://mysite.com/image.gif ')
=IMAGE( " http://mysite.com/image.gif ")

All of the above functions just returns a  !NAME# 

This IMAGE function requires most of all my imported spreadsheets
To make World Cup / International Football games show up the flags of the corresponding countries.

 
Help much appreciated,

- Ramses V