UPDATE 2:
Currently using this code now. Incorporated elseif
, single quote wraps tag when tag has double quote, etc.
{if "{member_images:total_rows}" == 0}
{!-- No images uploaded. Display placeholder as avatar. --}
<img class="img-polaroid" src="http://placehold.it/133x100/&text=No Image" alt="No Image"/>
{if:elseif "{member_images:total_rows}" == 1}
{!-- Only one image uploaded. Display that image as avatar. --}
{member_images}
<img class="img-polaroid" src="{member_image:133x100}" alt="{caption}"/>
{/member_images}
{if:elseif "{member_images:total_rows}" > 1}
{if '{member_images:total_rows search:default="y"}' == 0}
{!-- Multiple images uploaded, but none defined as default. Display first image as avatar. --}
{member_images limit="1"}
<img class="img-polaroid" src="{member_image:133x100}" alt="{caption}"/>
{/member_images}
{if:elseif '{member_images:total_rows search:default="y"}' == 1}
{!-- Multiple images uploaded, and one defined as default. Display that image as avatar. --}
{member_images search:default="y"}
<img class="img-polaroid" src="{member_image:133x100}" alt="{caption}"/>
{/member_images}
{/if}
{/if}