http://bugs.winehq.org/show_bug.cgi?id=18314
--- Comment #2 from Jan-Peter Nilsson peppe@bsnet.se 2009-05-03 03:28:06 --- Internally IPicture seems to be aware of at least one bit alpha (hbmMask). I realize this is not enough for all cases but it seems to be sufficient in this case.
A small modification to OLEPictureImpl_LoadPNG to get it to create the mask and then using it from GdipBitmapLockBits to populate the alpha channel was enough to get the launcher window to appear.
I can't see any proper way to get get hold of the mask from outside of the IPicture implementation though.