Image Elements have two layers of influence from their Horizontal and Vertical Alignment Properties:
These Properties simultaneously place their contained Bitmap within the Image Element itself, as well as dictating the position of the Image Element within its Parent Element.

Currently, there are cases where depending on the particular Properties of an Image Element, the Image Element's Bounding Box can end up rendered in locations that would be unexpected given the Image Element's Properties, and source Bitmap dimensions.

See attached image as an example.

Repro Steps:

1) Prepare or download any 512x512 (or similar) bitmap of your choice.

2) Create a new Studio Project containing a MainPage.xaml, and place the Bitmap from Step 1) into the directory this Project is contained in.

3) Introduce an Image Element into the Page's root Grid.

4) Set the Source of the Image Element to the bitmap prepared in Step 1)

5) Set the Image's Stretch Property to "None", its Width and Height both to 128px, and its Horizontal and Vertical Alignment both to 'Center'.

6) If not already done, select the Image Element in the Navigator, or on the Stage, as to make a bounding box appear.

Observe how the position of the bounding box does not correspond to the physical position of the Image Element within its parent layout.

Expected Results: The bounding box of the Image Element accurately reflects its placement within a layout.