If you want decent graphics, you'll definately want to go with the picture box. The trick is, instead of moving the picture box, you move the bitmap image inside the picture box. Check out some of the online tutorials regarding the BitBlt API function. It's a tricky function to learn to use, but it's invaluable compared to moving actual controls around to simulate animation. In order to use BitBlt, you need to have a control that has a hDC (Device Context Handle) property. This is a handle that Windows uses to reference a bitmap image stored in memory. The image control does not have this property, but the picture box does (In fact, Windows doesn't even know when an image control is loaded, Visual Basic simulates its existance).
Learn enough about BitBlt and you can even create sprites, bitmap images with transparent backgrounds. BitBlt is the very function that Windows itsself uses to draw almost all of its graphics (or so I read somewhere).
Happy gaming!
-Mike