Image tokenizers define the ``visual language'' of unified multimodal models, yet are commonly studied through isolated metrics or generation-/understanding-only evaluations. These evaluations do not fully capture how visual tokens behave when modeled jointly with text. We build a controlled pure-autoregressive testbed and track task-specific validation losses during multimodal continual pretraining across text, image, text-to-image (T2I), and image-to-text (I2T) prediction. We examine how these losses scale and relate to downstream performance, then use them to study multimodal learnability---how well image and text tokens are jointly modeled---and tokenizer design. We find that (1) losses should be analyzed by task, since they exhibit distinct scaling behavior and rank tokenizers differently. (2) The loss--performance relationship depends on the predicted token space: for a fixed tokenizer, T2I and I2T losses correlate with generation quality, but across tokenizers, the T2I loss--performance relationship shifts with the image-token space, whereas I2T loss, computed over a shared text vocabulary, provides a more consistent signal. I2T loss also correlates with both generation and visual understanding performance after supervised finetuning. Using losses as a lens, we show that (3) better reconstruction does not necessarily yield lower task-specific losses or stronger downstream performance, and that (4) image tokenizer choice can affect text modeling under joint optimization. As case studies, we revisit three tokenizer design axes---the discriminator, semantic supervision, and vocabulary size---to examine their effects on joint modeling and downstream performance. Together, our testbed offers a complementary perspective on image tokenizers as visual languages, highlighting their interplay with text in joint multimodal training.

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