Animated pics would be my last choice, but that's only my opinion, of course. I think AboveCenter hit it pretty much...well, on center. My personal preference is text/rollovers. That said, I'm all for any nav system that's clean and easy to use.
I say images! Rollover text links can be good too.
I think it just depends on the site though, but I would say images if it's just a small menu. But if it's got quite a few links, then text links for sure. I think as long as it's easy to use, looks nice, and loads quickly is all that really matters though.