The pgf/TikZ manual suggests using the command \pgftext to insert external graphics (section 53.3.3 "Inserting Text and Images"). Here's an example taken from this seminar (slides 5 and 6 in the presentation version):
\begin{figure}
\begin{tikzpicture}
\pgftext{%
\includegraphics[width=\textwidth]{Bridge05a}%
}%
\node[fill=black, opacity=.5, text opacity=1] at (0,.5) {\Large \color{yellow} Geometry};
\node[fill=black, opacity=.5, text opacity=1] at (0,-.5) {\Large \color{red} \emph{Manifolds}};
\node[fill=black, opacity=.5, text opacity=1] at (-4,.5) {\Large \color{yellow} Algebra};
\node[fill=black, opacity=.5, text opacity=1] at (4,.5) {\Large \color{yellow} Analysis};
\end{tikzpicture}
\end{figure}
There is also a hint elsewhere in the manual (in 53.3.1) that the command \pgfimage can be used instead of \includegraphics (although still within the \pgftext command); however, searching for \pgfimage in the manual doesn't turn up any further explanation of this command.
The \pgftext command is something of a special command. It "escapes" out of the current picture back to "normal TeX". It is, therefore, somewhat like a \node command. It works by constructing a box which is then put into the picture. By default this box is put at the current origin. A simple way to move it, therefore, is to (temporarily) tell TikZ/PGF to move the origin priori to issuing the \pgftext command.
An alternative way of positioning it is to use the initial optional argument. Thus one can say \pgftext[<positioning information>]{text} where <positioning information> is some set of PGF keys that relocate the box. These are similar to the positioning of a \node, but have a slightly "low level" feel to them. For example, to locate the box at a particular point one would say \pgftext[at={\pgfpoint{1cm}{2cm}}]{text}. Note the \pgfpoint syntax rather than the TikZ coordinate syntax.
In the 2.10-CVS version of the manual, the \pgftext command is documented in Section 77.3.3. There is also some important information about how it interacts with scopes in Section 77.1.2 (note especially item 5 about the ability to put another pgfpicture inside a \pgftext command, something that should never be done with \node!).
In summary, \pgftext is somewhat akin to \node in that it allows you to put "normal TeX" in your picture. However, the two are different in that a \node is considered part of the picture but \pgftext is for things that are meant to be somewhat separate.