How do I fix error with the new (4.6.0) Drupal views image handler for CiviCRM contact images
Your site is affected by CRM-16009 - URL for Contact Image in View incorrectly generating.

That URL should look like this -

http://example.com/civicrm/contact/imagefile?photo=mbd_logo_01cf3f5560578c6554b9ba009f6b42b7.png


rather than this -

http://example.com/sites/example.com/files/example.com/civicrm/contact/imagefile%3Fphoto%3Dmbd_logo_01cf3f5560578c6554b9ba009f6b42b7.png


The civicrm/contact/imagefile handler permits CiviCRM to provide its permissions checks on whether the image in question should be served up. 

Since that code was merged, there's a good chance it worked for someone and this may be fixable in configuration. It looks like the URLs you're getting from Views are confused - possibly by CiviCRM configuration, or by an issue with the views implementation as it currently stands, possibly an incorrect assumption in code about the location of CiviCRM codebase or system files, etc.