In which application are you viewing the PDF? What version? Is Overprint Preview turned on?
I'm viewing the pdf in Acrobat Pro X. I do see that if I turn Flattener Preview on, I can see the whole image in a separate preview box, but that's not going to work very well when I send it to an editor who is technologically challenged. Is there not a way to ake the pdf behave the way it does if I make it from CS3, where the flattening shows in the pdf by default? As it is, this seems like a step backwards, unless of course, there's something I am missing.
Ok! Found it! Acrobat: Prefeernces: Page Display: Use overprint preview: Always
Thank you for spurring me on to find this...
Why are you using Photoshop EPS? Just save as PSD and be done with ti.