Hi Jonathan,
One suggestion would be to run the Regenerate Thumbnails plugin. A couple things are possible:
1 – You upload your images to the Media Library BEFORE you had set your image size preference in the plugin settings and therefore those image sizes were never generated. WordPress only generates thumbnails the very first time the image is uploaded to the media library, so if you didn’t have those sizes set ahead of time, then they simply don’t exist to use. In this case, use the Regenerate Thumbnails plugin to regenerate all the thumbnails for the site, and it should work.
2 – If the above is not the case, ie you uploaded images to the media library AFTER making your slider preference settings for image size, you may be using images that are not BIG enough to generate the thumbnail size you set in your preferences, so, sort of like above, the thumbnail size you want to use simply does not exist since WP couldn’t “make” that size for you from the image you uploaded. In this case, set a different thumbnail size for the sizes of images you tend to upload or upload larger sized images (in pixel dimensions) that are equal to or greater than both the width and height of your preferred image size.
3 – Another possibility, though this might be more obvious, is that the width of your excerpt plus the width of your preferred image size is greater than the total width allowed for both in the slider width. In this case, it’s possible the excerpt or image would “fall off” the area of the slider. You can see if this is happening by using Firebug (a Firefox extension) to “Inspect Element” on the slider content area and see if you see the image HTML in your source code. If the img src html is indeed there, then you can tweak your widths to be sure it pops back up where it belongs.
Good luck. I hope that helps!