Unfortunately there are some flashplayer issues / bugs, read here for more details:
Black screen or red screen with images larger than ~8000 pixels in width or height
When only a black or red screen appears then the image was too large for the Flash Player.
This is a new (still undocumented) Flash Player issue (since version 9.0.115):
Images larger than ~8000 pixels in width or height are not decoded properly!
Internally the Flash Player just returns a single colored image (in most cases with black or red color),
and there is no error message to the application (the viewer).
Here is a example for this issue:
An image with size 9000x4500 - see it here - image9000x4500.jpg
(NOTE - this image is heavily compressed to reduce download time, 222kb)
This image as panorama - Panorama with image9000x4500.jpg
(NOTE - to show something anyway the "showpolys" flag is enabled!)
If you have an older Flash Player (e.g. Version 9.0.48) you will see the image correctly.
Solutions for this problem: