Regarding the coded/uncoded distinction: this early essay really isn't representative of Barthes later thought in Camera Lucida. I do think his later reflections on the studium/punctum of the image to be much more interesting. That said, however, there is a lot to be teased out of the dennotative/connotative split, which can be also described as metonymic/metaphoric, or even iconic/symbolic once an adequate spin is applied.
I appreciate your insights here (as well as the citations), Jeff, and I agree that and the studium/punctum distinction lends itself to something beyond the denotation/connotation split. Initially, was listed for the independent study, but because I read it during the summer, we filled in the opening with a few of these early essays.
The essay will first of all try to give some definition a review of the main terminology used in the study of Semiotics and will then apply these to a series of texts, relating to advertising for Coca Cola.