This won't cause a memory error. If you check the UIKit Framework for the UIImageView.h file you will see the property-declaration of .image:
Code:
@property(nonatomic,retain) UIImage *image;
If you're familiar with accessor-methods you will know what happens to the image that was saved in your image view before.
If my memory serves me well, "@property (nonatomic, retain) ..." means:
Code:
- (void) setImage:(UIImage *)newImage {
if (newImage != image) {
[image release];
[newImage retain];
}