We used MoreLikeThis to reduce our queries count to the 30-40 most statistically interesting terms. The one hiccup being an issue in Lucene [1] where the term cache wasn't operating properly. We just added our own image query term cache and a custom MLT query to leverage it, which gave us a 10x speed bump over any other methods we tried.
The interestingness of the terms is assessed on a per-term basis though, so you might see a relevence drop for some types of image if you set MoreLikeThis to use too few terms.