Initially Anatoly and I had the problem with the symlinks and were prescribed the link to launch the old ami as a temporary solution until the latest ami gets fixed. Thus I was curious if Anatoly would experience the same issue as me when launching the older ami this way. 

Anyways, I'll continue the discussion on the other thread. Thanks! 
From: Dannon Baker [dannon.baker@gmail.com]
Sent: Thursday, August 08, 2013 5:08 PM
To: Ravpreet Setia
Cc: Ulyanov_Anatoly; galaxy-dev@lists.bx.psu.edu
Subject: Re: [galaxy-dev] Galaxy on cloud config issues

On Thu, Aug 8, 2013 at 4:57 PM, Ravpreet Setia <Ravpreet.Setia@oicr.on.ca> wrote:
Yeah, nothing happens after SGE gets to the running state. The directory structure of the old ami does not appear in /mnt. The log was posted in the following thread: 

Ahh, ok - I assumed since there was no further reply that the workaround worked for you.  I'll take another look at your log, but if you could follow up (on that other thread) with some more details about your cluster that'd be great.  Specifically, how you're launching it, if it's an old cluster being relaunched, a share_string-based new cluster, etc.

Additionally, I am not sure what you mean by, "This will not be the same issue as the tool volume update.". 

If your volume isn't even mounting, then it has nothing to do with the symlinks referred to by Ulyanov.  His volume mounts, it's just not completely functional.