Not too long ago I was in the situation where I needed to move my photoblog to a new domain. But there was a problem, I needed to convert every image URL from one domain to another. The same needed doing for the hyperlinks as well.
That problem is now gone thanks to Peter who has written a plugin that uses the WordPress shorcodes API to insert the blog URL so now your links will change automatically.
Its a great idea and might well save your hours of trouble at some point in the future.