Imagecache uses file_create_url to generate direct links to images for Views but this only works for images stored in the public/private file directories managed by Core.
Simplest solution might be just to create a "cached" version of the default image in the relevant files directory so we can reference that with the theme functions instead of the default image itself.
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Comment #1
thedavidmeister commentedJust pushed up a fix for this to the repo.
All discovered default images are processed by imagecache now before we attempt to display them to guarantee that that the urls generated by imagecache will go to the right place.
Positive side effect of this is that actions can be added to the default image independently (and before) the actions that would be applied to the broken image if it wasn't broken.
Negative side effect of this is that we now need a way to export any changes made to the default preset that ICD is looking for :/