The recent OKCupid blog, which gwern mentioned in Media Open Thread, investigated the impact of three different factors on users' perceptions of each other: authority (reported match %), profile text (present or absent), and looks.
On the bright side, the authority versus reality match-up came out tied:
If you don't consider that a good outcome, you're not yet sufficiently cynical.
If a picture is worth a thousand words, what are a thousand words worth?
... Approximately nothing.
And the winner is...
It looks as if it might be worth to manually disable pictures (e.g. with HTTP switchboard) and browse profiles only seeing text.