Ok... after a little work I think I see the problem. Several of the files in the images directory are corrupt in CVS. I re-downloaded a clean set of files from that directory in CVS and still had the same issue. However, downloading the latest source file and using the images directory from the source results in proper display.
In particular, I noted the following were corrupt, I believe this is all of them.
/images/taskbar.gif /images/buttons/mail.gif /images/buttons/settings.gif /images/buttons/addressbook.gif /images/buttons/up_arrow.png /images/buttons/down_arrow.png