The application icon is always 32x32 - why?

In the Player Settings, under Icons, I have added three textures - one sized 128x128, one 48x48 and one 32x32. Once deployed, the application always has the 32x32 icon (under Windows 7), no matter how large I set the icons in the explorer to be.

If I remove the 32x32 icon, all icons (except for "small") are the Unity icon. It seems as if the 128x128 and 48x48 are just ignored. The textures are all .PNG files. Am I doing something wrong here?

A much better way is to ignore the Player settings completely and use a program called IcoFx (for Pc). Allows you to create icons from image and then edit the unity.exe to use the .ico file you create. Note - restart the PC after applying the icon. This makes unity.exe have all sizes of icon.

For Mac use 'Img2icns' which is eaven easier and also supports all sizes of icon.