As I understand it...

Barthes view of photographs is sort of like looking into a lake. The surface of the water works as the studium, and it's what we immediately recognize about the photograph. Then after viewing the surface for awhile, we become aware that underneath is an entirely new thing. This detail would play the part of the punctum. This is how I interpreted Barthes philosophy...figured I would post it up here on the blog to see if anyone else thought of it in a similar fashion.