Yep, it works fine up to v2.71. When you have created a box, then add a image field to the box, (eg: called: top_left_image).
When making a post/page, use the image uploader (just above the content WYSIWYG box). Upload image(s), press save, close popup window. Then press ‘update’ in the more fields box, the new images attached to the post/page should now be in the pull down menu down.
To use on the page, use somehting like this:
<?=wptexturize(get_meta(‘top_left_image’));?>