Right side of following pictures is important.
1.2.14pre1 on left pre-rendered XPM 16x16, on righ resized PNG 48x48 -> 16x16
1.2.14pre10 on left pre-rendered XPM 16x16, on righ resized PNG 48x48 -> 16x16
1.2.14pre11 on left pre-rendered XPM 16x16, on righ resized PNG 48x48 -> 16x16
1.2.14pre - top with Xft, lower only corefonts - when AA (Xft) enabled then fonts are not placed in the middle of buttons, but are shifted bit down.
You can also note a different size of text (1.2.14pre1 had bigger fonts with same settings).
config.log for 1.2.14pre11, others compiled with same options
preferences:: TaskBarShowWindowListMenu=0 TaskBarShowShowDesktopButton=0 IconPath="/home/test/.icewm/icons/menuitems/" MenuIconSize=16 SmallIconSize=16BTW: This is how IceWM draws PNG 48x48 with transparency when MenuIconSize=48. Left pre-renderd XPM 48x48 with grey background, righ PNG 48x48. Note borders are not shaded. Probably all pixels with transparency are cut out.