Oh my bad.
Well let's see. InDesign can auto flow text because
a) the document is large
b) You can link text boxes
Images are more or less standalone. They aren't linked to anything else outside of it's own boundaries. Ther is no flow box in or out of a picture frame.
How would InDesign know which image was to go where? You cannot link image frames. In CS3 you can load your cursor with all the images you need by selecting all the images when placing. You can place them down one at a time, or you can Ctrl(Cmd)Shift click to place all the images, but they are stepped down and to the right of each other, no placement.
You still need to click in each approrpriate place, as InDesign won't know what image is for what image frame.
However, if you are really stuck, you can do an automation in photoshop.That is of course if all your images are going to be the same size and placed exactly the same place on each page. Sort of the way a contact sheet would work.
You would then of course have 300 pages to place images on, so it's still a lot of work.
The only way to do this with the text and the graphics together, where the images are inline.
If you have a document premade with all your images in with the text then you place that file in InDesign with InLine Graphics. Then you can use the links pallete/panel to update your images.
But somewhere along the line, someone, somewhere has to tell InDesign where the image is to go. Unfortunately, as of yet, I don't know of anyway to link Picture Frames so the content is automatically loaded. That would be awesome though.