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As i cant post links yet, here is what i've found:

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alt attribute should be used to describe the image. So if you have an image of a big blue pineapple chair you should use the alt tag that best describes it, which is alt="big blue pineapple chair."

title attribute should be used when the image is a hyperlink to a specific page. The title attribute should contain information about what will happen when you click on the image. For example, if the image will get larger, it should read something like, title="View a larger version of the big blue pineapple chair image."

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Actually Google does NOT index text included in TITLE attribute, neither if the image is used as a link, nor if it's just a simple image.

and...

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Definition: (alternate text) HTML tag that provides alternative text when non-textual elements, typically images, cannot be displayed. When their using is correct they can be quite useful.
In example, they provide more details for an image or the destination of a hyperlinked image and provide much-needed information to people with text-only browsers; the "alt" attribute tells the reader what he or she is missing on a page if the browser can't load images. The browser will then display the alternate text instead of the image.

IMG SRC="../images/jaz.jpg" HEIGHT=327 WIDTH=291 ALT="My pet Jaz and me"

When optimizing a site/web page for Google, remember that THIS attribute is taken into great consideration by Googlebot when indexing your pages.

1. Image Alt text NON hyperlinked.
When an ALT tag is used mainly to describe an image with some alternative text, this can help your page relevance ONLY if this is not a unique text. In other words if ALT attribute contains keywords that are specific to your page's topic will help your keyword density. Otherwise, unique text into ALT attribute ---- it means this text doesn't appear anywhere else in the page --- will not influence Googlebot when spidering and indexing your page.
Google does not index text included into ALT attribute of non-linked images.

2. Image ALT text hyperlinked.
The ALT tag of an hyperlinked image (which means the <a href=""> tag seems to have the same importance of a text link. Therefore google will index it as it was a simple text link. So pay much attention to text you include in this kind of ALT attribute.