Tom, I just tested it on my test site:
http://trainingpen.com/Acer-TravelMate-212T.html it is working just as I expected it to. I would try and look at the variables in webmaster mode, and see if they are set or not.
Product option variables may have different names or arrangement in your version. I am using 4.4.5.
When you fire up webmaster mode, click the button that shows the variables instead of template names. Then check the variable names. Do you have an array named $product_options? Use control-F to search the debug console window.