Today I found this website, Picimg.com, by Xoise Solutions which allows free image hosting and supports all major formats - GIF, PNG, JPEG and BMP. No registration required, can upload 5 images at a time (but file name gets changed). There is no any information regarding image size and bandwidth limitations on the website. So, I wish and hope there should not be any such limitations.
Although, we know that Blogger itself provides us a good image hosting service, this (Picimg.com) too could be considered as a good alternative.
Update as on 15th January, 2010: I suggest not to use this site for image hosting as some glitches reported with it.
I'm Googy a Blogger from Bhagalpur, India who is a web & blog addict. I write this blog named Around The Web, in which I share my designed templates, blogger widgets, tips-tricks & add-ons with others & all around the web... 
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