I don't have a final answer for you yet, but a couple things I've observed.
First off, the main banner looks like it has one of a few random images on it. Unfortunately, our current solution for detecting critical images doesn't deal well with this case. The behavior I am seeing is that one of the images gets identified as critical. Then on a reload, a different image will be displayed and mod_pagespeed will not correctly identify it as critical. For example, if I visit
www.simnet.net.au/?ModPagespeedFilters=inline_preview_images and refresh several times, I do see one of the 8 or so banner images consistently being inlined.
However, it also appears that there is something else going on that is preventing any images from being inlined by default. If I refresh the main page several times, I don't see any images being inlined. Further, if I view
http://www.simnet.net.au/?ModPagespeedFilters=+inline_preview_images I don't get any inlined images, where as with just ModPagespeedFilters=inline_preview_images (without the +) I do. I'm worried there is a filter interaction issue here. Do you have any other filters besides prioritize_critical_css and inline_preview_images enabled?
Thanks,
Jud