Here's an excerpt from a Times article on the photography of New Horizons...
How long does it take to get an image back from the space craft?
Jeff Moore: In order to keep the mission economical so that NASA would have the resources to pay for [it], we did a few things such as using a relatively small radio antenna on the space craft. And we also bolted everything onto the space craft without any moving parts.
That means several things. When the space craft collects data, it usually does not have its antenna pointed at the Earth – the space craft has to reorient itself back to Earth to transmit data.
Also, at the distance of Pluto, we can only send data back at a rate that’s comparable with an old 1990s modem. Because of that, during the encounter, we’ll be taking many, many pictures, but those pictures will all be stored on the solid state memory and radioed back to the Earth months after the encounter.
Much of our best and most interesting data isn’t going to be seen until this fall or early next year. Of course we’re going to send back some very interesting high priority data during the days of the encounter itself.