iMac (OS 10.6.8). Photoshop CS5 latest update. LR4 Beta. Open a raw file with LR4Beta adjustments in PSCS5. Alter and save as a PSD. The new PSD is visible in LR4beta, but the file does not re-render in LR4. Closing and reopening LR4 beta does not properly re-render the updated file as it still looks the same as the raw file. Changes performed in PSCS5 are not recognized by LR4Beta.