Beautiful icon and beautiful prayer from the Byzantine Daily Worship!!
If I recall correctly there is a Byzantine Rite version of the Hail Mary that goes something like this:
Hail, Mother of God, Full of Grace, the Lord is with thee! Blessed art thou among women, and blessed is the Fruit of thy womb. For thou hast born Christ, the Savior and Deliverer of our souls.
Yes! Such a haunting beauty. I could stare at that icon all day. And, yes indeed, you are correct with regard to the Byzantine 'Hail Mary'.