Broken image uploads when node_load() is called during nodeapi 'view' op

NOTE: The main issue here seems to be with imagefield, but it is 'caused' by subscriptions, so I am posting it here for reference (and in case anyone needs the patch to actually fix the problem in the meantime).
The imagefield copy of this issue is over at: http://drupal.org/node/183649

This one was a major headache to figure out:
* Install CCK dev, imagefield dev, subscriptions 2.0
* Configure a content type to have an image field
* Try creating a new node with an image upload - the image will not appear
* If you edit and resave the node the image will appear
* Disable subscriptions
* Try creating a new node with an image upload - the image will now appear!

So what is happening? I don't know for sure - I have checked that imagefield is building the themed image tag correctly in #value in the node object, but by the time it reaches the theme the #value has become blank. If you apply the attached patch to subscriptions you can confirm that it is indeed the node_load that is causing the issue. I am pretty sure that modules are 'allowed' to call node_load() at this point however and so the issue seems to really be with imagefield (rather than subscriptions).

Could someone who has a better idea of the imagefield workflow have a look at what might be causing this? It looks like somehow imagefield is doing something in op 'load' that is overwriting the #value (already generated on op 'view') when the node is reloaded mid stream like this.