Worked perfectly! I've noticed some people complaining about image size but this is easily overcome. Yes the image canvas has to be 500px by 500px, but the image itself can be much smaller. I started with a canvas of 500 by 500 and added a smaller image to the top right corner of the canvas and it works perfectly with Page Peel Banner.
No complaints here, this is a great module and really jazz's up a site.