Probably because the image input is used to submit the form, IE doesn't think the value is worth sending.
To get around this, you could use a regular image with an HREF around it... This would only be an issue if you need users with no JavaScript to be able to submit the form.
Alternatively, you could just send the value "continue" in a hidden form field instead... Or just never send it at all if it's not ever going to change.
Hope this helps,
Dan