diff -Naur imagecache/imagecache.module imagecache-new/imagecache.module
--- imagecache/imagecache.module	2009-08-19 22:59:07.000000000 +0200
+++ imagecache-new/imagecache.module	2011-01-23 17:34:47.067380609 +0100
@@ -402,7 +402,7 @@
 
   // Check if the path to the file exists.
   if (!is_file($src) && !is_file($src = file_create_path($src))) {
-    watchdog('imagecache', '404: Unable to find %image ', array('%image' => $src), WATCHDOG_ERROR);
+    watchdog('imagecache', '404: Unable to find %image ', array('%image' => $src), WATCHDOG_NOTICE);
     header("HTTP/1.0 404 Not Found");
     exit;
   };