The Image property of RadImageEditorUI has been implemented as a DependencyProperty just after the last official release - the Q2 SP1 (2011.2.920), so if you use the assemblies of a newer internal build, you would be able to bind the Image property to a RadBitmap property.
The first version that supports binding of the image property is 2011.2.927
Please refer to the support ticket you opened for a demo.
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