Wallpaper Master is a powerful and highly customizable Desktop Wallpaper Manager and cycler.
It will automatically change your background wallpaper with a huge range of options, and is great for indexing large collections of personal photos or any kind of image.
You can create your own categories using images on your computer, and it will cycle through your images automatically in whatever order you specify: in a shuffle mode, listed order, or based on your personal ratings. The program also has auto-size options to make sure your images are displayed with optimal size.
PRO Improvements - Shareware version:
Support for many more image types (GIF, PNG, JPEG-2000 (JP2), TGA, WMF and PCX images).
Max wallpapers increased to 64000 per category! (Rather than 5000).
Now includes a fullScreen Slideshow mode.
New, unique MultiMonitor support! - Change wallpaper on your dual monitors.
Automatically change wallpaper at specific times of every day.
Transparent icon backgrounds (for pre-WinXP computers).
Skip a cycle if CPU load is too high (useful for when playing games).
Automatically position Portrait images to uncover icons.
Apply a simple effect to a certain percentage of wallpaper shown.
Ability to Overlay the image's name onto the wallpaper (watermarking).
A huge performance Boost and much improved user interface.
Even more customizable!
Find more info here.