Does it display the same old symptoms; it works with lyx.exe or if you delete one of the "set" commands in lyx.bat?
Lyx (or GS) gets "stuck" at different figures depending on what I comment out in lyx.bat.
If the figure doesn't work with lyx.exe then it is the file. Try it with both (the old one which now works and the broken new one) in the same directory. A rather inexplicable matter.
The old versions display all figures fine. I have been suspecting the figure files themselves for a while but I don't really understand what the problem could possibly be.
Leo