I have a script that loads the SO logo in exactly 3 seconds that I had made for another question.
http://alexturpin.net/slowimage/slowimage.php
Using it, I tried to reproduce the problem:
var img = new Image();
img.onload = function() {
alert("loaded");
};
img.src ="http://alexturpin.net/slowimage/slowimage.php";
setTimeout(function() {
img.src = "";
}, 1000);
http://jsfiddle.net/Xeon06/RrUvd/1/
From what I gather, in Chrome, the onload
doesn't get fired, but the browser keeps on showing a spinner and if I go on the network tab and find my image and check it's content, it's there. So my answer would be no, the image still loads, at least in Chrome.
This is an interesting problem, I suggest you try and test it in as many browsers as possible and write some kind of blog post on it.