Let us start from a single-pixel RGBA image:
i = Image[{{{0., .4, .7, .8}}}, Real, ColorSpace -> "RGB"];
Multiplying by .5 affects every channel including the alpha channel:
ImageData[ImageMultiply[i, .5]]
{{{0., 0.2, 0.35, 0.4}}}
Multiplying by a single-pixel Real image with channel value .5:
ImageData[ImageMultiply[i, Image[{{.5}}, Real]]]
{{{0., 0.2, 0.35, 0.8}}}
... doesn't affect the alpha channel! But why? Isn't this behavior inconsistent with the previous result?
But let us check the addition:
ImageData[ImageAdd[i, .5]]
ImageData[ImageAdd[i, Image[{{.5}}, Real]]]
{{{0.5, 0.9, 1.2, 1.3}}}{{{0.5, 0.9, 1.2, 1.8}}}
Heh... What??? .8 + .5 == 1.8? This is both inconsistent with the above and obviously has a bug. I've checked this with versions 10.0.1 and 10.1.0 and found that the former returns 1.3 for the alpha channel while the latter returns 1.8.
I'm at loss where is the intended behavior. Should arithmetic operations with images affect alpha channel? And should arithmetic operations between an image and a number affect alpha channel?

Image[{{.0}}, "Real"]gives{{{0., 0.4, 0.7, 1.8}}}, So apparently, pretty much everything equals 1.8). – aardvark2012 Sep 22 '17 at 11:55Image[{{x}}]to the RGBA color space givesImage[{{{x, x, x, 1}}}]. That seems a reasonable approach in most contexts, and explains the results. – Simon Woods Sep 22 '17 at 19:02Traceshows that at first is calledColorConvert[Image[{{x}}], "RGB"]and thenImage`InsertTransparency[%, 1]. The same is true for multiplication. – Alexey Popkov Sep 22 '17 at 19:19