The viewer uses the webkit rendering engine to actually render the HTML. As that improves (and it will) these sorts of redering glitches will automatically get fixed.
EDIT: Can you attach the Alice in Winderland book. The link you posted is windows only.
EDIT2: Looking at your screenshots, I actually prefer calibre's reflow around the images. Why do you say it is not correct?
Last edited by kovidgoyal; 10-15-2008 at 09:08 PM.