Microsoft has two different Image controls floating around:
In testing, the ActiveX Image Control has proven to be more reliable because the ActiveX Image Control loads the picture from a file (which is what the Control Pad's online help claims for the generic Image control). The Microsoft Forms 2.0 Image loads the data for the image into the control's Picture property, and carries it around in the <OBJECT> tag. In fact, you might not even see the second image in a browser. (If you don't see the second image, try opening this page in the Microsoft Control Pad and looking at it there.
Image shown is double size:
Image shown original size: