This is an image formatter that gives you just a simple image tag with an optional link enclosing it. It was pretty much just copied and pasted from the relavent parts of the image and file_entity modules.

Why does this exist? Because, apperantly, there is no way to get just a simple image tag out of the media suite. It used to be you could, back in version 1.x, but not so now.

Install, enable, clear caches, and it should show up where ever iamge formatters can be found.