Knuth is on record that he incorporated approximately 100 typographical rules in TeX. I am struggling to discover the balance. Consider the figure below,

What should be the amount of space around the image? In the minimal below, I tried to relate it to baselineskip after a few experiments I used the figures as shown in the minimal. Having the image flush with the outer margin looked wrong to me and crying for a little bit of optical correction. This question was inspired by Apply \intextsep at top of page that from a typography point of view, looked wrong.
Here is the MWE:
\documentclass[imperial,11pt]{octavo}
\usepackage[english,latin]{babel}
\usepackage{microtype}
\usepackage{graphicx}
\usepackage{wrapfig}
\usepackage{xcolor,calc}
\setlength{\parindent}{1em}
\setlength{\parskip}{\baselineskip}
\newcommand*\WarningHead[1]{%
\parbox{\linewidth}{\textbf{#1}}\vspace{10px}%
}
\newcommand*\WrapFigure[1]{%
%\ifhmode\else\leavevmode\vspace*{\dimexpr(-\normalbaselineskip+10pt)}\fi%
\setlength\intextsep{5pt}%
\setlength{\columnsep}{\baselineskip}
\begin{wrapfigure}{r}[-15pt]{3cm}%
\raggedleft% right align the figures
\includegraphics[height=8\baselineskip]{graphics/13}%
\end{wrapfigure}
}%
\newcommand*{\lorem}{\parindent1em
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Duis pellentesque iaculis nunc eget congue. Etiam lobortis nisi velit. Proin tristique massa a lectus ullamcorper semper. Aenean ut dignissim diam. Integer ullamcorper eros nibh. Cras molestie neque quis lectus lobortis egestas. Maecenas vel tortor in nulla sagittis venenatis. Nulla ac eros dui, eget lacinia ante. Fusce elementum nisl ac tortor hendrerit id lacinia orci malesuada. Praesent eu iaculis mi. Vestibulum sodales tempor rutrum. }
\begin{document}
\hrule
\unskip
\begin{center}
\unskip
\begin{minipage}{12cm}
\lorem
\WrapFigure{foo}
\textbf{Mi 12 Kaizer Yacht}.\quad \lorem
\end{minipage}
\end{center}
\hrule
\end{document}
With graphics on demo I was getting weird sizes here is a link for the stamp, if you want to use it.
Although wrapped figures are not so popular, they have their uses. For example a lone image of the size shown in the image on a single page would look wrong otherwise.
\intertexsep{1pt},\begin{wrapfigure}{r}[-25pt]{3cm}%,\includegraphics[height=9.3\baselineskip]{graphics/13}%. – yannisl Nov 08 '11 at 14:05wrappedlook ok, at least through an Engineer's eye:) – yannisl Nov 08 '11 at 15:08