There are different answers depending on which Renderer you have in effect. Typically when graphics start to get complicated, MATLAB switches to OpenGL graphics; for example it always does so if there is any transparency (because transparency is not supported in the other renderers.)
The switching to OpenGL is an important factor because OpenGL defines normal image rendering as being strictly 2D; as soon as you start to turn the view axes so you are not looking straight up or straight down, then image() and imagesc() and imshow() created images pretty much disappear.
The adjustment that works in OpenGL is to use texture mapping. That can involve surface objects (like the link describes) or it can use patch objects.
Once you have your image mapped onto a flat surface then you can change the view, or you can use hgtransform to rotate the surface in 3 space.
