Sorry, my bad. For some reason, I thought the all_photo_images was present in 4.0.1, so I dropped it before recreating it. Since it's not present in 4.0.1, the upgrade script bombs when it tried to drop a nonexistent view. It looks like the rest of the script was processed appropriately (based on the debug statement output above), so your photo-album should be fully upgraded to 4.5.
