Note to people who make decisions about content-based websites: Based on previous experiences with these kinds of features on websites, I half expected each picture to be on its own page. If it was, I did not intend to click past the first one. However, in this case I browsed the entire thing, and am much more likely to share this URL with others.
Even worse, you mean. It breaks the standard navigational tools, so after I had hit pagedown several times, I pressed a right-arrow once to shift the page slightly and it skipped me all the way back to the top. It happened again later when I absent-mindedly pressed the right arrow again. This is totally broken.
On the other hand, each page request uses a lot of bandwidth, and it's more difficult to split the load efficiently according to actual usage. A good compromise might be to load the first five or six pictures, and only load successive ones once the user has scrolled down past the first few.