I would like to see in version 5 a proper image system that creates, from the uploaded image, different sizes. 100% true as set up in admin area.

Right now, the script resize the image into 2 sizes 640x480px and 190x131px - as you can see in you demo.
This is wrong because you use the 640x480px and show it in listing details page as main image but at 298x278x and the 190x131px you use it for grid/list view mode (with a actual size of 188x128px) and in image gallery thumbnails where is shown actualy as 58x58px. So in no area you use the real images.Instead you shrink them which blurs out the images and in addition, we serve bigger images that are not used, making the pages to load slower.

Look at the systems implemented in ilance, opencart, magento and other scripts and you will see that they use a original big image just for 100% view of the image in gallery and in addition they create 3-4 types of smaller images that corespond 100% to the image sizes used in areas like grid/list, main image, thumbnails image and so on.