Important article, but now way out of date! The new filter functionality (added at 10.1 I think) may be really helpful in this workflow. In fact, that new button may make this process a lot less painful. Worth looking into and posting a 10.1+ article, as this is not an uncommon problem. Also a Pro and ArcGIS Online workflow is needed. The article only refers to a solution if your image is of the USA. It would be extrememly helpful if some tips for the rest of the world were included!….even if it was to say this is extremely difficult it would be preferrable to reading through the entire article anticipating some information on the rest of the world. Step 3 says to navigate to a webpage that does not exist and add a file that I was unable to find. I cannot tell from reading the document whether or not this file is needed. I was also cinfused by the information about datum transformation methods. I not sure where to look for help in lining up the data I am using. Source.