>That was it! Interestingly, the results are the same as the old call to OleSavePictureFile().

I think that SavePicture(), OleSavePictureFile() and Save method of OLE Picture object are doing the same. And may be you don't know (at least it not mentioned in documentation) that VFP picture object, used with LoadPicture() and SavePicture(), in fact is well known for VB developers StdPicture object and has such properties as Type, Handle, Height and Width.
For example, you can easily get HBITMAP or HICON from picture object:

oPict = LoadPicture("somepict.bmp")
If oPict.Type = 1    && PICTYPE_BITMAP
    hBitmap = oPict.Handle
EndIf