I don't know.
However, I notice there turns out to be a package that enables w3m to show images in character mode. On Ubuntu, you can install both packages with sudo apt-get install w3m w3m-img.
You can even exit your X session and type w3m google.com on your system console, and it still works!
There is also supposed to be a w3m-js package in the works to allow JavaScript to run in w3m.
Pff, if I can’t play antique multi-user text games on it, I’m sticking with Telnet :)