Microsoft has confirmed that calling the Application.EnableVisualStyles method (in the System.Windows.Forms namespace) in the Main method resulting in some ImageList corruption is a bug. This workaround appears to solve the problem.
public virtual void Main()
{
Application.EnableVisualStyles();
// Calling DoEvents after the above method call seems to fix this issue
Application.DoEvents();
Application.Run( new Form1() );
}
George Shepherd, Syncfusion, and Martin Robins