rewriting fields breaks cycle

Unfortunately, I do not have a live site to demo this issue. Drupal 7.23, jQuery 1.7.1, Cycle 3.0.3.

Drupal.settings javascript: http://pastebin.com/i7tv9s2d
HTML output: http://pastebin.com/sHJVYiCm
View settings: http://pastebin.com/yKLa84q8

I have a slideshow for which I've rewritten many of the fields. When the fields are rewritten (to add tokens and a few divs to group some of the fields together), the cycle function of the slideshow breaks. I get everyone's favorite [cycle] terminating; too few slides: 1 message in the console. But there are enough slides, and they're loading, as you can see in the HTML output.

And obviously, since Cycle thinks there aren't enough slides, it doesn't advance.