I recently upgraded from 5.03 to the latest version and now it's not seeing the images. I can actually go to the directory and see the images myself, but as far as PhotoPost is concerned it says there are "0" images in the directory.
Okay you sure you did not upgrade or run from 486 and run the last step3 of upgrade 485/486 twice which prepended the userid's on the images more than once so when you upgraded and saw no thumbs your went to scan database and tried to rebuild thumbs and since they did not exist your photo inserts where deleted.
Only way to get your photos back would be to restore the photos table from a backup and run the upgrade 486 step 3 ONCE.
There is no other way than what I have stated. That is why the upgrade documentation states to take a backup of your mysql database before doing the upgrade. You always need a restore point if something does wrong. If you do not have a backup of the photos table there is no way to get them back besides reuploading every last one.
Now you can contact your host and see if they have a backup of the database. It might be a day or two old or week old but its better than nothing.