You have to also click the unexplained, non-intuitive dropdown menu just at the right of "View," and select "Everything." It defaults to "Highlights," which YouTube uses to decide for you which of your subscriptions you "really" want to watch. Every time you go back to the page, it resets to the default, so you have to check it again.

Simpler is just to abandon the pile-o-crap front page and go straight to your My Subscriptions page here: http://www.youtube.com/my_subscriptions