I have a VS2008 C# app which supports a Sensoray 2250s frame grabber (http://www.sensoray.com/products/2250.htm)
and out of sheer ignorance (I'm not well-enough informed to know what SHOULD be used) I use a plain-vanilla Windows.Forms.PictureBox to display both JPEGs and streaming video. Works just fine !
As always, Microsoft's already done the heavy-lifting, I'm just using the miracles they've wrought.
I haven't yet moved the app to VS2010, but I have no reason to believe that it won't work in 2010 as well as it does in 2008 (although, admittedly, I'm no expert).
Have you tried a PictureBox in your app ?
If not give it a try. With the picture box, loading a JPEG is as easy as the Load(...) method. And as far as the previous/next procedure goes, perhaps you could preload the image file paths into an array or stack and load the pictureBox using those preloaded paths. Dunno, but kinda sounds like it oughtta work.
Just a thought ... the advice is worth exactly what you paid for it.