Managed way to show Drag&Drop feedback image while dragging

Goal:
Show translucent image under cursor while dragging data, inside own application or between applications, without using P/Invoke.

Implementation idea:
Using translucent top level Form that follows cursor while dragging

Test results:
Test is done only on Windows XP so i don't know if there is some unexpected different behavior on other platforms.

Using image with specified transparent color
[Cursor is in the middle, but isn't captured with Print Screen]

Using dynamically generated image

Features:

• Show image with same level of translucency through pixels
• Show image in shape other then rectangle by specifying color which is rendered transparent
• Specify relative offset of cursor to image
• Specify image opacity (greater opacity = lower translucency)

Caveats:

• Can not render images with different alpha per pixel.

Source code:
You can get the source here.