The only reasonable explanation I can think of is that your players outnumber your photos and you're clicking on players without corresponding photos. It's a stretch, but it's posible. I know you said in your original post that ratio was almost 2:1 for photos, but let's check it this way to be sure. This is starting to be on my mind way too often. You can't be the only one it's not working for in the community.
Can you do a dump through the Tools, open it up and identify a couple of players by ID#, do a quick check (again) to make sure you do have the jpgs for those ID#s or do the reverse look up ID#s you're sure do have jpgs. Then go to the Search box, find the player, click on him and see if his photo shows up. There is an instance where the logo does show up instead of the player's face, but I can't recall right now. I'll look when I get home tonight and see if I can locate what you should see where. But for now, let's at least verify the ID# match with the player's photo ensuring he has one. Lastly go to the info for database and see how many players it shows listed there to make sure it is actually 1200 or so as you think. If it says 4290 or something, then we may be on the right path.