MathML really does have advantages that other methods don't share -- things such as making the math accessible to those with blindness and other disabilities, making the math searchable, allowing the math to re-size when your readers re-size the text in the page, printing at full printer resolution, it's reusable (by pasting it into another app that understands MathML), etc. One of the downsides is that not all browsers can display MathML. However, the 2 "main" browsers can -- Firefox will display MathML without any help, and Internet Explorer can display the MathML with the aid of Design Science's free display engine, MathPlayer. That covers about 90% of all browsers in use today.
If you do decide to go with images, you can help your viewers by adding some descriptive alt text to the <img> tag. For example, if this is your expression:
One option is to write alt text that just describes in plain English what the equation is, like
HTML
<img src="formula.gif" alt="square root of a squared plus b squared" />
A better option may be to include LaTeX as alt text, like
HTML
<img src="formula.gif" alt="\sqrt{{{a}^{2}}+{{b}^{2}}}" />
By using LaTeX, it makes the equations re-usable. If people viewing your site have MathType, they can copy the image, paste it into MathType, then use it like any other MathType equation.
So you can see there are plenty of options to choose from. The one that's best for you mostly depends on your audience.