I just checked if the problem was still there after the latest update. It still is. Since the desktop icon is not available yet I started from terminal ephoto. I browsed to my sdhc card (FAT formatted) and tried to display a directory with 34 pictures (.jpg, around 2 MB each). The program could not display the thumbs. In system monitor I could see that ethumbd was using 100% CPU. So, I don't know if it has something to do with the use of a memory card, FAT format, too little memory in my setup (512MB) or something else but any help is welcome. I prefer to use a dedicated E-program but it should be usable.
I just plugged in my phone, mounted the sd card, browsed to it, and viewed photos with no problem.