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I would imagine it acts the same as if you use a regular computer installation that simply hasn't synced in a really long time. I believe Dropbox caches checksums of your files locally in order to check if files have change on disk, and if the client reports that no files have been changed from what Dropbox expected, then there are no local changes. Then it consults the server and sees changes, and syncs them.
So, as long as the system image is of a point when Dropbox was up to date, you should be fine.
That being said, why waste time imaging your data when only the OS needs imaging? There are alternatives which can do single-partition backups.
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