I got the same and even worse problem.
First, do not trust the Wordpress thumbnails resizer, what you get is just good to trashcan, unless your pictures are strictly squared (amazing, isn't it ?)
You'll have to resize them by yourself. The best way to do this is to use a batch images resizer which is smart enough to resize your pictures using the greatest dimension of our image to be resized (not that easy to find). If you are a lucky Mac OS/X user, just pick the Automator app up, it will do it in a blink, it can either rename, move copy, whatever you want.
Second, since neither Woocommerce (here 1.5.8 version) nor Abundance (1.3.2 version) are able to manage any new image featured sizes through the Woocommerce>Catalog>Images options, for the first one, or through /web-content/themes/abundance/woocommerce-config/config.php, for the second, you may spend a year resizing images, your images would be cropped since the containers sizes and their own sizes will never match.
The solution I used, after removing and reinstalling everything merely from the scratch with no improvement, is quite a "dirty" solution : let's be more clever than the plugin ! They expect 300x300 px to match a 200x200 px (catalog list) or a 279px container to match a 350x350px (no kidding !) image (product details page) ? Easy :
1 resize the image to match their containers,
2 rename them as expected by the framework.
For instance, I have tweaked the catalog list image containers sizes through custom.css, I use 130x130px resized images and I renamed them 300x300. Regarding the product detail page, the inner image should match 269x269px (beware !), I resized my images to these dimensions and then renamed them 350x350. That's rather dirty but that's quite tricky.
Moreover, my lightbox featured image option is definitively broken. I don't have the faintest idea why. It wouldn't have been a big deal if the choice of using the zoom or the lightbox option might have been optionally offered as a per default global option. That means I'll have to check it manually. Days and days of work just to have these plugins working fine like they did in the past, at least they work fine for me in the previous versions.
Hope this might have been useful.