I'm using Tycho 0.16.0 and I'm getting the following error:
Error - 7 icon(s) not replaced in C:\Users\weich01\AppData\Local\Temp\p2.brandingIron8219115442087687624\launcher.exe using C:\Development\Workspaces\Workspace RCP SR2\de.mycompany.myproduct.product\target\products\MyProduct\de.mycompany.myproduct.feature\logo_pms_2011.ico
With the export wizard in Eclipse, everything works fine, so product definition is correct. The icon file contains bitmaps in all sizes.