You are correct in that it is a performance feature. ImageBuffers are only designed to be used for image processing, then converted to Images for storage. When you do Image = ImageBuffer, instead of using memcpy to duplicate the pixel data the ownership of the memory is just transfered.
The problem occurred in this case because the parameters for Draw::DrawImage are all something like:
void DrawImage(const Rect& r, const Image& img);
so that if you pass in an ImageBuffer it is implicitly converted to a temporary Image (because it has operator Image), loosing ownership of the pixel data. The Image is passed to DrawImage and then destroyed, deleting the pixel data. Viola! The Image no longer exists