Yes, by using conditionals, it is very simple (even if the code can look scary). I am using something like this on my own site:
[s2If current_user_is(s2member_level0)]<img alt="" src="your image for level0" /></a>[/s2If]
[s2If current_user_is(s2member_level1)]<img alt="" src="your image for level1" /></a>[/s2If]
[s2If current_user_is(s2member_level2)]<img alt="" src="your image for level2" /></a>[/s2If]
[s2If current_user_is(s2member_level3)]<img alt="" src="your image for level3" /></a>[/s2If]
and so on
Since the user can only have ONE level, they will always fall into one of the categories you list (making sure you do list all the levels you are using).
On my site, I use a black and white image of a course they do not have access to, but linked to the sales page, and a colored image if they have access to, linked to the course page (a nice way to advertise what you have to sell!)