Views 3 + field collection: relate only the first referenced field collection item
If you create a view with the field collection relationship this is possible.
Besides the field with the image you need to add another field with the image delta.
When you add this field exclude this from display.

In the views filter add a filter on this delta field and set this filter to equals 0.

Now you've got a view with just one (the first) image per node!