The folder opening at the beginning was not caused by closing CMF. I was just doing that to show what I had going on in my My Documents folder.
(note that the screen cast has audio, which explains a bit of what I was doing)
I guess you're right about shell32.dll having some blanks http://i.imgur.com/tBitx.png
I never noticed before...
The issue of icons not always refreshing right away is a bit annoying, but I am aware that this is a Windows flaw (I've seen it in other programs).
THe only other thing worth looking into is that strange bit of CMF only displaying the chosen icon (see ~3 minutes in on the cast).
Idea: When CMF is loading the contents of a large folder or DLL, would it be possible for it to cancel loading when a double-click is detected?? That way, if I see the icon I want to choose, I can imediately access it, rather than having to wait for the entire thing to load...