It did, I've changed this so that profile pics always get stored at:

* <file dir>/u/cam/ab/cd/ef/gh/abcdefgh/large
* <file dir>/u/cam/ab/cd/ef/gh/abcdefgh/medium
* <file dir>/u/cam/ab/cd/ef/gh/abcdefgh/small

When you upload a new large picture, the old one will be overwritten, but the small and medium one will not be touched.
This also allows the activities to stick the profile picture URIs on the activity items. The profile picture can be changed in between generating activities and displaying them, as the URI stays fixed.