Preview-latex installs, but doesn't actually preview. When I generate the preview from the source, all I see is... the source. For example, the math equations are highlighted, but not rendered.
Some version information: emacs23 on Lion, and I just installed mactex and auctex today.
Here is an example latex document I've tried:
\documentclass{article}
\usepackage{preview}
\begin{document}
solution to $\sqrt{x}=5$ is $x=25$.
\end{document}
(also, the circ.tex sanity-check which comes with auctex doesn't work either)