In the VSE the function strip - separate images [shortcut Y] used to show a dialog (in blender 2.4x) "image duration" where you can enter the actual frame count for each image separated. This is missing in 2.64. All images get 1 frame.
Blender 2.64
Windows 7 professional 64bit
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This is showing the need for an operator redo panel in other spaces, UV window has this issue too.
If you press F6 you can adjust this setting but this is not really a good solution.
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Fixed in svn rev52572.
Having redo panel could be handy here, but that's more like a usability TODO.
Thanks for the report, closing now.