While processing digital images in the Fourier domain, mostly we exploit the amplitude and not the phase. This could be because the amplitude is much more structured and the amplitude spectrum reveals a lot about the spatial domain as illustrated in HIPR and other answers.
I am really curious to know what does the phase encapsulates, what can we infer from it, what kinds of operations can we perform on the phase of FFT of an image to achieve some objectives?
My specific interest lies in fusing two images in the frequency domain, but any PDF or well-documented links on understanding the phase of FFT(image) will help.
------ Edit (following images as suggested by TimWescott in comments)