Great job, hamradio!
One thing I didn't see mentioned, though, was the ability to import graphics to base your icons on.
I know Microangelo allows you to import .bmp files that you have created in another graphics program. This is my preferred way of creating icons since it gives me much more control over the image creation and I can use any plugins I want in the process by creating the image for the icon in Paintshop Pro.
I also know that Microangelo allows you to export a .gif file of your icon as well as an .ico file, which can be handy for developers that need a small graphic for their PAD files.