Its debateable if 'sensible' and 'according to standard' are interchangeable, in my opinion, if it was good, it would be like that in the standard anyway. ;)
As far as I understand it, the ALT text should be shown in the page where the image would be, if it was there/shown. And the TITLE tag is for the mouse.

Anyfish, thanks for the positive feedback, *waits to see what happens*

C.