After searching the Apple forums for a solution, I got it to work. I changed the Communcation setting in the camera from 'Normal' to 'PTP' and everything worked just like it used to!
I am having a similar issue. I just bought a new MacBook Air about a month ago and connected my Digitial Rebel via the USB cord. iPhoto (and Image Capture) recognize the camera but no photos show up. I double checked that there are images on the CF c...