I just noticed this on my Apple TV too. I used to be able to see all my custom albums for the screensaver, but now I can only see three: 'Last 12 Months', 'Last Import' and 'Printing'. I went into iTunes' Photo Sharing Preferences (File > Home Sharing > Choose Photos to Share with Apple TV) and it's the same there—just three lonely albums. The albums are all still there in iPhoto, they just won't appear in iTunes.
I've running a 2nd gen Apple TV, iTunes 11.0.2 and iPhoto 9.4.2.
moved itunes and iphoto to external hd connected to timecapsule
newest MBP, newest timecapsule latest firmware, latest itunes, mavericks etc
tried the above but when i select choose photos to share i get spinning disk
when i "open" timecapsule i can see my external when i click edit> disks> external shows up
i can't see my albums to select to sync to my iphone
when i connect the HD directly to my mac it works i can see options to choose albums and will sync with iphone 4s
maybe timecapsule and external itunes and iphoto doesn't work well with each other