This is a transient issue. Sometimes when I go to file->open and go to my dev directory, it will either take ~10 seconds to see everything, or it will show me just 2, or none at all. my dev directory has only 27 folders in it. It is not a gamble every time i go there because it seems to be transient outside of that flow; that is i can go to file-> open 5 times, see nothing, and then 2 minutes later go to file->open and see everything.
Running osx: 10.7.4, ST: build 2217