A very important usage note for performance considerations on this module. The documentation (and module instance) default to use the css tag: div, input, img { ... } This is not an optimized approach but is meant to demonstrate how you might easily utilize the functionality as a base.
You should never apply the behavior to tags in this format because it will apply to all tags of that type regardless of whether they have a PNG housed within them or not. In Internet Explorer this will effectively double requests and, on pages with lots of elements, greatly slow down the response time.
In one such test case I had a page increase to 1300 requests by using a blanket statement as listed above. Correct usage is to apply the behavior to a specific CSS class (ie., .applyPNG { behavior: ... }) so it will only apply the fix as needed.