Yes, it's irritating, but there's nothing you can do, other than moving the illustration elsewhere, maybe including a thumbnail and link in the text.
In its current (2.0.1) implementation, ePub doesn't have anything about floats (vertical floats, that is... there's the possibility of having something float to the left or right of a paragraph). Elements are displayed as they appear in the source, so an image will not be moved up or down its position.
It might change with ePub 3 and CSS 3, but I wouldn't hold my breath.
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