The issue can be seen here, as all the images are placeholder images...
This is an issue with your Folder Options, so click on Tools>Folder Options and then click on the View tab and the first tickbox that states "Always show icons, never thumbnails" should not be ticked..
When these settings are applied you will notice that both the images and folders with images in them will start to generate previews...
Right, another issue fixed with Vista x64, so far so good!