Ditto here...same problem with FTM 2012.
Late yesterday I merged, via FTM, several entries from a private tree into a public tree. While the new public profiles appear to have sync'd and display properly in AMT, all of the associated images, successfully merged offline in FTM, are still appearing as placeholders in the online AMT (eg. http://trees.ancestry.com/tree/26542746/person/26044273304
While I'm not certain about this, I believe FTM did freeze at the commencement of the initial sync process and had to be restarted, whereupon (after completing a suggested "compact file" process) an apparently successful datasync was completed....save for the still non-displaying online images. I had assumed those would right themselves eventually.
Based upon your 2 posts and my ongoing experience, that may not be the case here.