The ColorMap property can be used before creation of an indexed color image to specify the color map for the new image. It is also used by the Image object to support getting the color map (palette) of an image. Since the image's type is a COPY and all changes to it are ignored, there would be no way to change an image's color map (palette) without this. The color map supplied should be an array of COLORREFs (DWORDS).
Note that the color map (palette) is a very different entity than the casting palette which is only used for conversion TO an indexed color image.
Note also that the palette supplied could be a different size than the number of colors in the image, especially for 12- or 16-bit images. The image will deal with this when asked for the extended LUT (for display).