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