There is growing interest in the use of coded aperture imaging systems for a variety of applications. Using an analysis framework based on mutual information, we examine the fundamental limits of such systems---and the associated optimum aperture coding---under simple but meaningful propagation and sensor models. Among other results, we show that when thermal noise dominates, spectrally-flat masks, which have 50% transmissivity, are optimal, but that when shot noise dominates, randomly generated masks with lower transmissivity offer greater performance. We also provide comparisons to classical pinhole cameras.