So, I updated to Rhino 5.0 Release 2013-10-3 (10/03/2013) today.
I moved one of my project folders to better organize things. Then I opened the main Rhino file to re-link the blocks and bitmaps that moved with the project.
I was amazed to find that the bitmapped pictureframes and block instances were all pointing to the new folder location. Very cool!
I don’t know how this possible, but THANKS! I hope I didn’t imagine this…
JT