You are correct, the embedded file is something like 200x200.
They suggested PM use the installed codec to render the image, but I believe PM always relies on the embedded image.
Deven
200x200 is quit useless as a preview, a real pity. On windows you have no alternative; PM will indeed only be able to make use of the embedded jpg. On a Mac you can have PM make use of the built-in raw converter, but to change platforms for this feature is going a bit far I think (and I'm not even certain Phase One raw files are supported).
I think the only viable solution may be to convert your files to dng and have the conversion create a (full size) preview.
Hope this would work for you,
Hayo