emerge app-emacs/vm-7.19-r1 creates the directory /usr/share/emacs/site-lisp/etc/vm and installs vm's pixmaps there. These directories (.../etc and .../etc/vm) are unnecessarity added by Emacs to its load-path. Proposed fix: Pixmaps should go to /usr/share/pixmaps/vm (or maybe to /usr/share/emacs/pixmaps/vm). (Variables vm-toolbar-pixmap-directory and vm-image-directory in 50vm-gentoo.el must be adapted, too.)
Fixed in -r2, I chose /usr/share/pixmaps/vm/. Thanks.
Sorry, but I have to reopen this. The -r2.ebuild sets SITEFILE=51vm-gentoo.el, but then does not use the variable in src_install(): elisp-site-file-install "${FILESDIR}/50vm-gentoo.el" It should be "${FILESDIR}/${SITEFILE}" instead.
Fixed...normally it should. I haven't spotted it.