Ok, I've gotten the if/else thing down pretty good, as well as the relationship thing. Combining them is a different story.
Am I close?
[FMP-If:RELATIONSHIP2 hoto1.neq.]
<img src="http://www.XYZCOMPANY.com/XYZpicts/[FMP-FIELD: RELATIONSHIP2: hoto1]">
[FMP-Else] <img src="http://www.XYZCOMPANY.com/images/empty.gif">
[/FMP-If]
Any help would be greatly appreciated.