After upgrading to 3.1.2 I noticed the problem of viewing geotagged photos created as waypoints.
Double-clicking on the thumbnail in waypoint properties Microsoft Picture Manager DOES NOT SHOW the photo, instead it shows four icons called Alldata.gdb, Aldata.gdb.bak, FolderData.gfi and FolderData.gfi.bak.
Moreover during geotagging the BaseCamp now creates copies of all geotagged photos (no info on that in help, no possibility to select the folder in spite of the fact that the reason for creating copies is not clear) while still adding the georeference data into the exif of the original photos.
Opening such photo-waypoints in MapSource shows, that the link to the geotagged photo does not reference the original photo but its BaseCamp internal copy.
The problem is that the created link is wrong and therefore double-clicking thumbnail does not show the photo.