Interesting, it looks like v1.4.3 animating a hidden image's dimensions by itself no longer reveals the image unless it's first made visible. Inside the .js file of the script, try finding the below line, and add to it the part in red:
Code:
$clone.stop().show().css({zIndex:++jQuery.imageMagnify.zIndexcounter, left:imageinfo.attrs.x, top:imageinfo.attrs.y, width:imageinfo.attrs.w, height:imageinfo.attrs.h, opacity:0, visibility:'visible'})
.animate({opacity:1, left:imageinfo.newattrs.x, top:imageinfo.newattrs.y, width:imageinfo.newattrs.w, height:imageinfo.newattrs.h}, setting.duration,
function(){ //callback function after warping is complete
//none added
}) //end animate
}) //end click
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