Well, waddaya know.
I uninstalled the nvidia and then the ATI drivers (v10.5)
Rebooted, and tried FP, sure enough it ran utterly slowly, BUT the playfield and all images rendered.
So I reinstalled just 10.5 radeon, drivers, rebooted, no images again.
Uninstall, again, then installed the 10.1 version (from AMD's website).
And Low and behold, images work!
I used GLView, and noticed that the 10.5 drivers support OpenGL4, but only partially so. The 10.1 drivers only support up to Opengl 3.6, BUT they appear to support it 100%.
No idea if that makes a diff, but from AMD's website, your 48xx card uses the same driver set as the 46xx card, so you might give that a try and see what happens.