Differences between Image and PictureBox
Image control
- a "lightweight" control that has no device context (or hDC) or it's own.
- can display a gif file loaded into the picture property with a transparent background.
- flicker when moved at runtime.
- can only be z-ordered (layered) over another lighweight control.
- has Stretch property. Otherwise, ImageControl can stretch the image.
- No AutoSize Property.
- is not a container control.
- no OLE drag/drop.
- PaintPicture doesnt' work. and no drawing or printing ability (printing to the image contained therein)
Image control
- Has Hwnd and Hdc.
- no transparent background.
- doesn't flicker when moved at runtime.
- No layered.
- No Stretch Property
- Has Autosize Property
- is a container control.
- OLEDrag/Drop
- Work with PaintPicture.
References URL(s) ~
http://www.codecomments.com/message729787.html
http://www.xtremevbtalk.com/showthread.php?t=247820

second “Image control” should be “PictureBox control”, mind your copy & paste :D