I’ve got a model with two Shape Keys animating the way I want. The mesh smoothly alters from the Basis to shape “Up” then through Basis to “Down” and finally back to Basis. All good. After creating and placing a Group of the model, the Group is missing the “Up” key everything else is there . . . . Is there a fix?!?
I d/l’d your file and it does not seem to missing any shape key deformations – here’s an OpenGL anim (.avi, Xvid codec) of the Timeline range – is it what you expect?
I can put it into Quicktime if that’s more convenient.
Both shape keys show full IPO curves as you describe. Really can’t see anything wrong here.