I havn't worked with pictures a lot in LaTeX, but in my opinion there are two ways to do this:
1) use eps-files and run latex->dvips/dvipdf 2) use jpg/png-files and run pdflatex
Pdflatex cannot work with eps grapics and latex just allows eps-files, as far as I know. For this reason TextMate will automatically use latex when including the epsfig package, I guess.
Ruben