after upgrade to '11, only thumbnails show edits

i recently transferred my photos to a new computer and a new version of iPhoto ('11).

Thumbnails show the edits I made on my old computer (iPhoto '08), but when i view the photos full-size, the edits are gone. When I export the photos- and this is the real issue- the edits are also gone. If they're showing up on the thumbnails, though, they've got to be stored somewhere, right?!

Any suggestions? Thanks!