if you use the wordpress export (to WXR format .xml) on your former blog and the wordpress import tool on your new instance, DO select the checkbox to get images/media from the source server. in MOST cases, the images Will get copied to their new home in /blogs.dir/[site.id]/ etc.
however depending on how your former install was configured, the imported posts will still hold references to the old image locations. so here's what you do...
figure out what your blog_id and path is...
you can do this either by:
SELECT blog_id, domain, path FROM wp_blogs
-or-
in wpmu's wp-admin, click Site Admin, Blogs
and in that list you'll see ID next to each of your blogs.
get into mysql on the commandline or in phpmyadmin
and issue these queries, one at a time:
UPDATE wp_#ID#_posts SET post_content = REPLACE(post_content,'"http://#DOMAIN#/wp-content/uploads/','"/wp-content/uploads/');
UPDATE wp_#ID#_posts SET post_content = REPLACE(post_content,'"/wp-content/uploads//','"/wp-content/uploads/');
UPDATE wp_#ID#_posts SET post_content = REPLACE(post_content,'"/wp-content/uploads/','"#PATH#files/');
in each of these it's single-quote then double-quote prefixing each file path -- we do this so we don't end up modifying any image href's your blog may have made to OTHER wordpress sites other than your own.
#ID# is your blog's id
#DOMAIN# is your blog's FORMER domain name (not the new one)
#PATH# is your blog's path, if you're using subdirectories, otherwise blank. (note that in the query above it should look like '"/PATH/files/')
and that should resolve Most of your posts' image references.
the middle query modifies any image references that looked like /wp-content/uploads//2009/10/09/... so they have just a single /.
might as well clean things up while we're at it!