Hi Jonathan,
it looks as if I have barked up the wrong tree - the cat sits on an other one!

Christof Wollenhaupt gave me the clue: 'Did you updete to the latest patch?' No I hadn't. My (our) problem is confined to SP1 or SP2 without this Patch:

http://code.msdn.microsoft.com/KB968409/Release/ProjectReleases.aspx?ReleaseId=2445
The downloaded -EXE extracts itself into a chosen directory. After installing (copying) this hotfix Version(1) yields this result:
Visual FoxPro 09.00.0000.7423 für Windows [Feb 23 2009 13:20:28]...

Now Image.PictureVal is working as in the good old days also in Win 7 in forms as well as in reports!

Naomi, thanks a lot for your patience! ;)>