Yes, when you set up a wallpaper it prompts you to crop the picture, and it won't select a ratio other than the ratio of 1440x1280
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Not to threadjack but you can save a lot of headaches using Wallpaper Wizardrii to set a wallpaper cropped however you like that doesn't scroll. If it's not compatible with the ICS yet it should be soon.
What is best in life? "To crush your enemies, to see them driven before you, and to hear the lamentations of their women."