I started using the MOUSEDOWN event - it's working much better.
Code:
Private Sub APC_Click(ByVal sender As Object, ByVal e As System.EventArgs) Handles MyBase.Click
Label.Text = MousePosition.X.ToString & " " & MousePosition.Y.ToString
End Sub
Private Sub APC_MouseDown(ByVal sender As Object, ByVal e As System.Windows.Forms.MouseEventArgs) Handles MyBase.MouseDown
lblStatus.Text = e.X.ToString & " " & e.Y.ToString
End Sub
The _CLICK takes into account the "top bar" and the _MOUSEDOWN is the useable area of the FORM - and that's what the label placement is based on.