Magento Go uses temporary images as placeholders until the permanent product images are available. The initial placeholder image is the Magento logo, which you can replace with placeholder images of your own design.
Product Image Placeholders
To upload product image placeholders:
From the Admin panel, select System > Configuration..
In the Configuration panel on the left, under Catalog, select
Catalog.
Click to expand the Product Image Placeholders section.
For each image type, click the Browse button to upload the
placeholder image you want to use for the base image, small image,
and thumbnail images. If you like, you can use the same image for
each type.
When complete, click the Save Config button.
System > Configuration > Catalog: Product Image Placeholders
Best Answer
found a great tutorial for it. I'll paste it here since I didn't find any other reference on SO and might be useful to the community https://www.pixafy.com/blog/2012/12/adding-a-fourth-image-position-to-the-admin-for-a-magento-product/