For an example, [[File:Test123123.jpg|Testing 123]]
Legacy output,
<p><a href="/index.php?title=Special:Upload&wpDestFile=Test123123.jpg" class="new" title="File:Test123123.jpg">Testing 123</a>
Parsoid output,
<p><span class="mw-default-size" typeof="mw:Error mw:Image" data-mw='{"caption":"Testing 123","errors":[{"key":"apierror-filedoesnotexist","message":"This image does not exist."}]}'><a href="./Special:FilePath/Test123123.jpg"><span resource="./File:Test123123.jpg">File:Test123123.jpg</span></a></span></p>