As a general rule of thumb, a sig image should be less than 150 high and 500 wide.
Personally, I'd like them kept to about 90X400 at most, I hate big images that take up space and make a conversation take 4 pages to read instead of 1.
For data, please keep anything animated to less than 250K. If this gets out of control, we may have to re-adjust.
As for the content, I will be fairly strict on what images can be in there.
Obviously:
Nothing racist, religious, X rated. Nothing "hateful" especially aimed at another member of the community.
Not as obvious: sexual innuendo, anything for the NY Yankees. Red Sox images welcome

The same concepts apply to the signature text.