Inserting a *.png image in WP X 7


Reading through the release notes after a successful installation of SP (Many thanks !) prompted me to ask this question:

Is inserting a *.png image into WP X 7 easy using the mouse only?

Here is what happens on my WP X 7:

a) Inserting a *.png image is not possible via any of the mouse / menu "Paste" options.
b) Inserting a *.png image is possibe, though in a roundabout way thus:
In WP X 7 Do:
1) Insert - Graphics from File. This triggers the "Draw Image Placeholder" cursor.
2) Mouse left-click hold and drag the cursor to the required image size.
3) This opens the WP File Manager, so you can click on the required image, which will then be inserted.
Two questions:
1) Is this the correct way things should function and if not, is it only me?
2) Wouldn't it be nice to be able to insert a *.png image by right-clicking the mouse and selecting "Insert" ?