If I'm not mistaken there doesn't seem to be an Image of OpenELEC floating around, people seem to be compiling it from source, is that right?
Anyway I've just got the latest daily build 2012-06-23 and created an image for my mate so I thought I would post it here for anyone who is interested, I've compressed it with 7z and the image is 512mb, overkill I know.
I haven't tried this one yet myself but I have tried one from a month ago and it seemed fairly good, bit of room to improve but not bad at all.
Anyway hope it helps someone. http://sdrv.ms/OINB0y