I actually came across this same question in 2009 in a different forum; here's my response from then:
Unfortunately, what it looks like you have run into is that all day event bug in Sharepoint. There is a known bug that when there are quite a few (usually 3 or more) all day events in one week, the rest of the events (whether all day or not) will not appear.
These all day events take up a block and push all the other events lower and lower until they are no longer visible.
Microsoft is aware of this and it doesn't sound like they are going to fix it. They said they meant for it to be that way. Anyway..... I think the only way around it is to just uncheck "all day event" in each item. The recurrence is fine -- keep that.
I don't remember where I had found the information stating this was intentional.