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I feel the colour grey does not highlight much. How about using the Photosynth green.
I would vote for something more neutral like white, even if it is partially translucent.
The green has too much potential to clash with the colors in many photos.
I was also looking at the borders on the highlight frames today and wishing that they were cleaner like the Next and Previous arrows on the left and right edges of the screen for navigating to neighboring synths in a feed of synths.
In hindsight, your are absolutely right Nate, white is the better choice.