I think I'm having the same issue. When I look at the browser error log, here's what I see for all the images:
Network Issue: Failed to load resource: the server responded with a status of 400 (Bad Request)
If I turn Photon off, my images come back, turn it on, they're all gone with this same error message.
I've tried turning off all my other plug-ins, but it makes no difference. I did have a previous version of Photon working with WP3.4, but since updating to WP3.5 and the version of Jetpack before this one, I've had this problem.
Site is http://www.orderchaosart.com , but I have to leave photon off, as the images are all gone when it's on.