While the image is loading, it is displayed transparently. You can take advantage of this to display the item below the image while it is loading. For example, you might have a stock image associated with your XAP, which is the default avatar, for example. Or you can display the XAML boot animation. Then, when the image is completed, it will close the element behind it.
Mick's suggestion is good if you need to minimize your visual tree, and if your script allows you to use a code solution. This proposal is not perfect, but makes it easier to work with the case when the image of your placement is not scaled / centered, but the downloaded image is scaled / stretched.
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