Hi Neil, you are right. ImageField requires ImageCache [and one other] to operate. A 'Pseudo Bundle' as it were.
Also, if I wanted to replicate the views I had with image (thumbs of latest 10 images, for instance) will that be possible with imagecache?
yes, but probably also with Views I assume? Not sure if this is a per-Node or per-Type call you are referring to, but either way, it is possible.