whb - Are you running only SP2 firewall or have you another one installed. I run Norton IS, so have the SP2 firewall disabled, but at a quick look I can't see that SP2 firewall has the option to block any animated images. Norton IS on the other hand can do that (Privacy Control/Configure/Advanced/Animated Images).

(Also, if you right-click the place holder do you get a Show Picture option. If that get the image, it would suggest that IE settings are stopping the display. Otherwise the image is probably being stopped by security).

Mick