Your site is affected by CRM-16009 - URL for Contact Image in View incorrectly generating.
That URL should look like this -
http://example.com/civicrm/contact/imagefile?photo=mbd_logo_01cf3f5560578c6554b9ba009f6b42b7.png
rather than this -
http://example.com/sites/example.com/files/example.com/civicrm/contact/imagefile%3Fphoto%3Dmbd_logo_01cf3f5560578c6554b9ba009f6b42b7.png
The civicrm/contact/imagefile
handler permits CiviCRM to provide its permissions checks on whether the image in question should be served up.
Since that code was merged, there's a good chance it worked for someone and this may be fixable in configuration. It looks like the URLs you're getting from Views are confused - possibly by CiviCRM configuration, or by an issue with the views implementation as it currently stands.
You won't be able to test this on the CiviCRM demo site since you can't edit Views there, so I'd recommend searching for this on https://issues.civicrm.org and reporting it aspossibly an issue if there isn't one there already.
Serving images from CiviCRM file fields also incurs a substantial performance kick; I recommend not using CiviCRM imagefile fields if you are serving images to the public. You're far better off serving the file directly with no PHP at all OR putting ImageCache + ImageCache Externalincorrect assumption in front of it. Initialising CiviCRM for each image request adds some real delay tocode about the process. See these notes and this forum thread for some notes / performance metrics based on current CiviCRM.org uselocation of the imagefile handlerCiviCRM codebase or system files, etc.