i don't believe it shows what the actual image looks like, just a file icon that say tiff or jpg or whatever it is, if it's not made in photoshop or something
It's of course on how you use it, and taking the time to organize(wish I could do that more). I find it most helpful in ID, and the use of a shared projects between multiple designers.
I don't see why not Illustrator can work with the .DWG files from AutoCad. I've worked with many different files in order to work in the size restraints of packaging.