Hi Michael,
I have exactly the same problem with yours. If the control shows as a missing image, while you have configured your .NET configuration to run the control, it has something to do with IE security.
If you are using Win XP and has download the latest IE security update from microsoft site, your activeX control won't run. By default microsoft has blocked all activeX control except the popular activex control such as Sun java, Quicktime, windows media player, Macromedia Flash, Realplayer and acrobat reader.
There are some workaround for this problem, which I do not know yet.
If you have your problem solved, please let me know.
Thank you