Windows 8 system image... meaning the one in control panel with the window title 'Windows 7 File Recovery' and then the link 'Create a system image'... then yes! If the new drive you are restoring to is smaller, it helps to shrink the partition before creating the image. Another thing to watch is if you have any system restore partitions from the manufacturer usually found in laptops, it may or may not copy them. It will tell you before hand.
If you are interested in just making a backup of your files, try the 'Windows Easy Transfer.' It does an amazing job of copying everything non Windows system. You can even customize what directories it will copy. Only thing is... the Win 8.1 version only allows transferring in... it seems to force you to backup to Skydrive instead.
Damn M$. Or the backup companies complaining to M$. Either way, both tools have the potential to make backup software obsolete, obviously backup software vendors also have to make a living.