Hi -
What you're saying could be true, but while the 3 dots are present, the image(s) are extremely distorted and virtually unviewable. As soon as the dots disappear, the images are razor sharp. Is this not the same behavior that you witness on your computer as well?
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Yes, I also see that but it's not standard-size previews being rendered again. As I wrote above, I think that it just thumbnails, rating, colors, flags and badges data collected and then rendered to screen. By the way, I don't see distorted thumbnails but they are fuzzy until the "…" disappear.
Try to use different view options to see if speed improves. On my Macs, sometimes the "…" are displayed, sometimes not. It can take up to 3-4 seconds (dual G5, 30" monitor). It's faster on Intel powered Macs.