I just noticed a the JPEG iFilter that Renaud has pointed us too. Looks interesting, you can try it free for 30 days.
JPEG IFilter is the only tool that allows to index EXIF properties of the JPEG (JFIF) files in Windows 2000. However the indexing services can extract EXIF properties under Windows XP via IPropertyStorage using built-in Null Filter.
JPEG IFilter offers many advantages in comparison with Null Filter. With JPEG IFilter the indexing services do not enumerate the OLE properties of JPEG files so the indexing performance is increased. JPEG Filter extracts only properties that are important for content search. This feature decreases the index database size and increase the search performance and accuracy. It provides the property mapping optimized for Windows Desktop Search. It presents the property set as text contents that is useful for the file preview functionality.
Visit the JPEG iFilter site and download a copy today!