The iTunes library stores music, movies, tv shows, podcasts, and 3rd party apps.
The iTunes library does not store 3rd party app data, email account mailboxes and messages, notes, and photos. The iPhone's backup stores 3rd party app settings and data created and stored by a 3rd party app, email account settings - not email account mailboxes and messages, notes, and photos and videos in the iPhone's Camera Roll.
This link provides the data that is included with the iPhone's backup.
http://support.apple.com/kb/HT1766
All photos transferred from your computer should remain on your computer and be included with your computer's backup along with all other important data. Photos transferred from your computer are not included with the iPhone's backup and are not stored in the iTunes library. iTunes serves as the transfer conduit only for selected photos on your computer to be transferred to your iPhone. Photos transferred from your computer are optimized for viewing on your iPhone - the original resolution of these photos is reduced on your iPhone, which is why transferring these photos in the opposite direction is not supported.