Clarification Needed: Keyref on

In 1.2, the  element takes both the href= and keyref= attributes.

My reading/interpretation/assumption is that for , href= and keyref=
establish the same relationship, namely from the  element to a
graphic object of some sort, where the default presentation intent is for
the graphic to be presented with the other content of the topic (as opposed
to creating a link to the graphic presented in a separate presentation
space).

In particular, I think these two image elements should be functionally
equivalent:

1.

2.

where the effective key binding is: