Depending on what you want to accomplish, CSS can create some nice effects that can replace a graphic.
This link: http://www.mezzoblue.com/zengarden/alldesigns/ can show some of the things that can be accomplished with the same content and different style sheets.
SVG was pretty cool, xml based coding for vector graphics, but it never really took off for some reason. Perhaps the penetration of the Flash player had something to do with it's demise.
I use Flash, but as Paul said, that's another ball game.
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