<book>
<chapter id="ch1">
<inlinemediaobject>
<imageobject>
<imagedata fileref="pic.jpg"/>
</imageobject>
</inlinemediaobject>
<simplelist type="vert">
<member>Member 1</member>
<member>Member 2</member>
<member>Member 3</member>
</simplelist>
</chapter>
</book>
Center of simplelist will be aligned with bottom of pic.jpg.
\begin{tabular}[b]{l} fixes it (patch included)
latex/lists.mod patch adds [b] to simplelist