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Can I customize output?

Yes, use the args for set "container" and "before" and "after" tagging. For example the default output is:

<ul>
<li><a href=".."><img src="..." /></a></li>
<li><a href=".."><img src="..." /></a></li>
...
</ul>  

You can change <ul> (container) and <li> (before)

<?php wp_bannerize('container_before=<div>&container_after=</div>&before=<span>&after=</span>'); ?>


<div>
<span><a href=".."><img src="..." /></a></span>
<span><a href=".."><img src="..." /></a></span>
...
</div>