Spagdin,
You may be encountering a SW glitch that I need to work around from time to time.
But first - be extra sure that your source image is of a high enough resolution to look good (200-300 DPI).
I find SW 2010 drawings love to default to screen resolution (72 DPI) maybe less - whatever it is it looks like crap. HLR views are fine since it seems to use vector lines when printing, the problem comes when you try to print a 'shaded' or 'shaded with edges' view. It may be that SW is treating your inserted picture the same way.
Workaround: Use File --> Save as and save your drawing as a .pdf. In the Save as dialogue click options, set 'Shaded/Draft geometry DPI' to 300. Print your new .pdf from Acrobat.
You lose anti-aliasing on your image, but your black lines remain vectors, which saves file size if you are emailing .pdfs of your drawings to people.
Good luck!