One possibility is to use Caramdir's answer to Faded drop-shadow using tikz-based rounded rectangle?) (all credit goes to Caramdir).
Using the \drawshadow command form the linked answer, I defined a \shadowpicture command with one optional argument (the options that will be passed to the optional argument of \includegraphics), and a mandatory argument (the name of the file containing the image). Using \colorlet one can change the values for innercolor and outercolor, controlling the values used for the shadow.
Using the xparse package one can easily define \shadowpicture to have three optional arguments (the two colors and the optional values for \includegraphics) and a mandatory one (the name of the image file).
\documentclass{article}
\usepackage{tikz}
\usetikzlibrary{shadows,calc}
% code adapted from http://tex.stackexchange.com/a/11483/3954
% some parameters for customization
\def\shadowshift{3pt,-3pt}
\def\shadowradius{6pt}
\colorlet{innercolor}{black!60}
\colorlet{outercolor}{gray!05}
% this draws a shadow under a rectangle node
\newcommand\drawshadow[1]{
\begin{pgfonlayer}{shadow}
\shade[outercolor,inner color=innercolor,outer color=outercolor] ($(#1.south west)+(\shadowshift)+(\shadowradius/2,\shadowradius/2)$) circle (\shadowradius);
\shade[outercolor,inner color=innercolor,outer color=outercolor] ($(#1.north west)+(\shadowshift)+(\shadowradius/2,-\shadowradius/2)$) circle (\shadowradius);
\shade[outercolor,inner color=innercolor,outer color=outercolor] ($(#1.south east)+(\shadowshift)+(-\shadowradius/2,\shadowradius/2)$) circle (\shadowradius);
\shade[outercolor,inner color=innercolor,outer color=outercolor] ($(#1.north east)+(\shadowshift)+(-\shadowradius/2,-\shadowradius/2)$) circle (\shadowradius);
\shade[top color=innercolor,bottom color=outercolor] ($(#1.south west)+(\shadowshift)+(\shadowradius/2,-\shadowradius/2)$) rectangle ($(#1.south east)+(\shadowshift)+(-\shadowradius/2,\shadowradius/2)$);
\shade[left color=innercolor,right color=outercolor] ($(#1.south east)+(\shadowshift)+(-\shadowradius/2,\shadowradius/2)$) rectangle ($(#1.north east)+(\shadowshift)+(\shadowradius/2,-\shadowradius/2)$);
\shade[bottom color=innercolor,top color=outercolor] ($(#1.north west)+(\shadowshift)+(\shadowradius/2,-\shadowradius/2)$) rectangle ($(#1.north east)+(\shadowshift)+(-\shadowradius/2,\shadowradius/2)$);
\shade[outercolor,right color=innercolor,left color=outercolor] ($(#1.south west)+(\shadowshift)+(-\shadowradius/2,\shadowradius/2)$) rectangle ($(#1.north west)+(\shadowshift)+(\shadowradius/2,-\shadowradius/2)$);
\filldraw ($(#1.south west)+(\shadowshift)+(\shadowradius/2,\shadowradius/2)$) rectangle ($(#1.north east)+(\shadowshift)-(\shadowradius/2,\shadowradius/2)$);
\end{pgfonlayer}
}
% create a shadow layer, so that we don't need to worry about overdrawing other things
\pgfdeclarelayer{shadow}
\pgfsetlayers{shadow,main}
\newcommand\shadowimage[2][]{%
\begin{tikzpicture}
\node[anchor=south west,inner sep=0] (image) at (0,0) {\includegraphics[#1]{#2}};
\drawshadow{image}
\end{tikzpicture}}
\begin{document}
\shadowimage[width=5cm]{image}\par\bigskip
\shadowimage[width=8cm]{image}
\end{document}

A little improvement: now the shadow size adjusts automatically depending proportionally on the image size:
\documentclass{article}
\usepackage{tikz}
\usetikzlibrary{shadows,calc}
% code adapted from http://tex.stackexchange.com/a/11483/3954
% some parameters for customization
\def\shadowshift{3pt,-3pt}
\def\shadowradius{6pt}
\colorlet{innercolor}{black!60}
\colorlet{outercolor}{gray!05}
% this draws a shadow under a rectangle node
\newcommand\drawshadow[1]{
\begin{pgfonlayer}{shadow}
\shade[outercolor,inner color=innercolor,outer color=outercolor] ($(#1.south west)+(\shadowshift)+(\shadowradius/2,\shadowradius/2)$) circle (\shadowradius);
\shade[outercolor,inner color=innercolor,outer color=outercolor] ($(#1.north west)+(\shadowshift)+(\shadowradius/2,-\shadowradius/2)$) circle (\shadowradius);
\shade[outercolor,inner color=innercolor,outer color=outercolor] ($(#1.south east)+(\shadowshift)+(-\shadowradius/2,\shadowradius/2)$) circle (\shadowradius);
\shade[outercolor,inner color=innercolor,outer color=outercolor] ($(#1.north east)+(\shadowshift)+(-\shadowradius/2,-\shadowradius/2)$) circle (\shadowradius);
\shade[top color=innercolor,bottom color=outercolor] ($(#1.south west)+(\shadowshift)+(\shadowradius/2,-\shadowradius/2)$) rectangle ($(#1.south east)+(\shadowshift)+(-\shadowradius/2,\shadowradius/2)$);
\shade[left color=innercolor,right color=outercolor] ($(#1.south east)+(\shadowshift)+(-\shadowradius/2,\shadowradius/2)$) rectangle ($(#1.north east)+(\shadowshift)+(\shadowradius/2,-\shadowradius/2)$);
\shade[bottom color=innercolor,top color=outercolor] ($(#1.north west)+(\shadowshift)+(\shadowradius/2,-\shadowradius/2)$) rectangle ($(#1.north east)+(\shadowshift)+(-\shadowradius/2,\shadowradius/2)$);
\shade[outercolor,right color=innercolor,left color=outercolor] ($(#1.south west)+(\shadowshift)+(-\shadowradius/2,\shadowradius/2)$) rectangle ($(#1.north west)+(\shadowshift)+(\shadowradius/2,-\shadowradius/2)$);
\filldraw ($(#1.south west)+(\shadowshift)+(\shadowradius/2,\shadowradius/2)$) rectangle ($(#1.north east)+(\shadowshift)-(\shadowradius/2,\shadowradius/2)$);
\end{pgfonlayer}
}
% create a shadow layer, so that we don't need to worry about overdrawing other things
\pgfdeclarelayer{shadow}
\pgfsetlayers{shadow,main}
\newsavebox\mybox
\newlength\mylen
\newcommand\shadowimage[2][]{%
\setbox0=\hbox{\includegraphics[#1]{#2}}
\setlength\mylen{\wd0}
\ifnum\mylen<\ht0
\setlength\mylen{\ht0}
\fi
\divide \mylen by 120
\def\shadowshift{\mylen,-\mylen}
\def\shadowradius{\the\dimexpr\mylen+\mylen+\mylen\relax}
\begin{tikzpicture}
\node[anchor=south west,inner sep=0] (image) at (0,0) {\includegraphics[#1]{#2}};
\drawshadow{image}
\end{tikzpicture}}
\begin{document}
\noindent\shadowimage[width=6cm]{image}\par\bigskip
\noindent\shadowimage[width=.9\linewidth]{image}
\end{document}

tikz-based rounded rectangle?.. – Werner Nov 7 '12 at 20:26