An ICO file usually holds several versions of the same icon, for example 16, 32, 48 and 256 px. Most image viewers only show one of them, and many apps and websites won't accept .ico at all. Converting ICO to PNG pulls out the individual images as ordinary PNG files.
This tool reads the icon directory in your browser and shows a thumbnail of every image inside, with its size and type, before you convert. It then saves each size as its own PNG, or just the largest one per file. It reads both kinds of icon data: PNG-compressed icons (used for 256 px and by modern tools) and classic bitmap icons in 1, 4, 8, 16, 24 and 32-bit colour, applying the transparency mask so old icons keep see-through backgrounds.
Limits: the PNG is only as big as the largest size stored in the ICO. A favicon.ico that holds only 16 and 32 px gives 16 and 32 px PNGs, and enlarging them later will blur them. Damaged entries are skipped and listed. Animated cursors (.ani) are not supported.