Updated 2/25 Unofficial PPCK Build Updates 20954, 210xx, 21015, 21018

[FormerPalmOS]

Does everything else recognize your storage card?

Try this - Use a Registry Editor to set the following registry value:
HKEY_LOCAL_MACHINE\Software\HTC\HTCAlbum\favorite_ folder = \Storage Card\{foldername} where {foldername} is the name (or path on your storage card) where your photos are saved. In my case it's \Storage Card\My Pictures

Also, if you saved the pictures while storage card encryption was enabled, then hard-reset, the saved pictures are still encrypted and now un-recoverable (HTC Album won't recognize them as pictures) - but it should recognize the card, so if you don't even see the card, that may not be it.

You could also try changing some of the filesystem parameters for the storage card to see if Album wakes up.