What is the correct size for a favicon.ico?

[GeorgeTH]

My Internet Explorer is somehow bugggered - it never shows any favicons when opening a page... It keeps them next to the bookmarks for a few days, and then somehow loses them again...

Funniest thing is: half the time when I open somthing in IE I get the Netscape Logo next to the URL - probably because Netscape is set as my standard browser...

Cleo - what does this little bit mean: type="image/x-icon" / ?

To this day I used to make my favicons in 16x16, but it's kinda hard to fit anything in such a small space (though: with picXS.com I managed to fit the entire name) = usually only two characters (like Cleo's or my TH TropicHeat) or a simple symbol. I would never manage to squeeze something like yahoo's icon into 16x16... Today I made several ones in 32x32, but it looks like the browser is re-sizing them, and they look rather blurred...

So I'm still confused!