It's because this is an animated gif. Presumably picasa only shows the first frame.
Same in Chrome Version 26.0.1410.63 (Ubuntu 12.04)
It shows on the iPad in Mobile Safari but loads and fills out slowly in a grid of squares in rows and columns of 3 or 4 (I forget). It took about 15 seconds in all to render. Fascinating nonetheless and I learnt something.
Mobile Chrome on Android 4.0.3 has The same behavior. At first I thought it was an animated gif.
Edit: looks like it is an animation of the rendering process.