The components, nets, bus, text, and select toolbar button icons are replaced by a white page with a red X on it. The gschem log window report:
Could not find image at file: C:\Program Files\gEDA\share\gEDA\bitmap\gschem-comp.xpm.
Could not find image at file: C:\Program Files\gEDA\share\gEDA\bitmap\gschem-net.xpm.
Could not find image at file: C:\Program Files\gEDA\share\gEDA\bitmap\gschem-bus.xpm.
Could not find image at file: C:\Program Files\gEDA\share\gEDA\bitmap\gschem-text.xpm.
Could not find image at file: C:\Program Files\gEDA\share\gEDA\bitmap\gschem-select.xpm.
I can confirm that all those files are at those specified locations.
The new, open, save, undo, and redo toolbar buttons are present, but they are not the same as the icons located in gschem-{new,open,save,undo,redo}.xpm.
This was tested in DJ's Windows binaries dated 2011-09-23:
http://ftp.delorie.com/pub/geda-windows/snapshots/build-20110923.zip
Did you use the installer, or the extract-in-place tarball?
I believe you may need to confirm the correct contents of your installed
PATH_TO_
If this is empty, or the paths are wrong - you can recreate it by running:
PATH_TO_