Insert Button Not Showing in Attachment/File Upload

In admin/settings/uploads under the insert section, I have enabled the check box to "enable insert button" However, I can't seem to find the insert button when creating a story. I have checked the settings in CCK to verify they are enabled. Perhaps I am misunderstanding how it is supposed to work.

I can however create a new image field in CCK for stories and have the button show and function correctly.