Weird problem, I've upgraded from 2.2.2 to 2.4, I've also moved over the theme's directory. If under theme settings desginer mode is [on] then the theme's work, if I save and turn it off - no theme is presented.
I've checked permissions on the moodle-data directory and the rest, and all seems fine.
Designer Mode On
<img src="http://example.address.com/theme/image.php?theme=custom&component=theme&image=logo" alt="My Moodle ">
Desginer Mode Off
<img src="http://example.address.com/theme/image.php/custom/theme/1363968946/logo" alt="My Moodle ">
Any help or tips?!