Here is a exterp from the PocketFrog's web site. PocketFrog is the graphic engine PPL is using.
"The PocketPC and the desktop PC versions of this function are implemented differently. On PocketPC, we use the "imgdecmp.dll" decompression library to load different file formats without having to deal with legal issues such as GIF decompression.
On the desktop, we use the OleLoadPicture() function to load image files.
This give us access to a similar set of image formats.
The following formats are supported:
PocketPC: .BMP, .GIF, .JPG, .PNG and .XBM
Desktop: .BMP, .GIF, .JPG, .WMF and .ICO"
As for the antialiasing I can't help you I don't know how it's done. Sorry.