I seem to keep having the same problem: I have my photos on an external drive and import them into Aperture 2.1 as Managed Referenced Files. Every time I open Aperture I get the "Image Loading" message indefinitely. When I go to Manage Referenced Files the application indicates that my master photos are in my Bootcamp partition. I reconnect the files and it's all OK.... until the next time Aperture starts up and the same issue occurs. It's all very frustrating. Is anyone having the same problem? Has anyone figured out the solution?