Scott,
Have you reflecting on the call with something like Developer Tools? Are you getting the URL to show in the repeater and just not seeing the image, or are you not getting the URL to resolve in the first place?
The reason I ask is if its the former then I would believe this could be some kind of security issue where you are able to get the link but the image is being blocked from being loaded OR the way the image is being stored, you may need to do some adjustments to the URL to get it to show up correctly on an external site.
If its the latter, then I would try pulling another field from that list or another list and see if you get the same behavior, then either your component is having a problem the way its configured or there is something wonky with permissions.