>If you look here
>https://connect.microsoft.com/feedback/viewfeedback.aspx?FeedbackID=269606&wa=wsignin1.0&siteid=210
>
>It says the problem has been resolved. The docs for the beta only say that the PictureVal
>doesn't accept PNG's. Thats not the same issue as this.
>
>I have SP2 Beta. Has SP2 been released?
>

It says "Resolved (Won't Fix)" which I assume means that the problem is not going to be fixed :(

AFAIK the SP2 is not yet released.