I've given AJR a PM concerning this, but I thought I'd post the problem here and I'd update whenever I found out what the solution was in case anyone else is having this same problem.
I run Photopost 4.5 [test] and a vBulletin 2.3.2 test board. On my test board, the strangest thing is happening when I install this -- the templates act as if they're displaying, but there's no data output to fill the tables from Photopost at all.. no images, no image info, notta. x.x;
To get a little more specific in detail, the tables display compressed -- as in, only a few pixels high. It's the effect of the tables not having any data to display other than {firstaltcolor} for a bg color or what have you.
I'm rather curious as to why this is. I've installed all of the file edits and, using the installer, also installed the templates. I think I've done everything in my power with this install.
Are there any others receiving this problem or am I just looney?

I think I'd better note here that I don't run vBPortal [so therefore I don't use the vBPortal header in the Photopost setup]. I think that may be important to know in the case that there's a function or something similiar that this hack would require in order to possibly display the data.
I'll play with reinstalling it fresh a little later on, but I wanted to see if this wasn't just my problem. And thanks AJR -- from the screenshots, this looks wonderful.