Why do the XP Icons when drawn using Graphics.DrawImage not draw transparently?

Note that it's only the ImageList class that can draw an Icon with alpha channel properly. So, instead of using the Graphics.DrawImage method, first associate this icon to a ImageList and then use the ImageList.Draw method to draw the icon. Also, note that this is possible only in XP with XP Themes enabled for that application.

Contributed from George Shepherd's Windows Forms FAQ