Using Views "Rewrite the output of this field" tokens I have a field which allows a user to upload 3 photos called field_prodshots. To any Views experts out there, is it possible to display just the first value of that field instead of all 3 while using "Rewrite the output of this field" tokens? After all, I only need the one image to use as a thumbnail.

Typing in [field_prodshots] in the textarea for rewriting the output results in the display of all 3 images. I only need the first one.
There's a simple way to show only the first image in a field that allows multiple image uploads. 

In the Configuration screen for the field, there's a dropdown called "Multiple Field Settings." Expand that, and you should see options for how many items you want to display, and which item in the list to start with. Change "Display __ value(s)" from all to 1. You shouldn't need to change the separator in your case, as you're only displaying one image. 

See below for screenshot. This setting should work fine alongside "Rewrite the output of this field" tokens (I haven't had it not work).

http://img585.imageshack.us/img585/8644/multipleimagesshowonlyo.png 

In a field with several images uploaded, I'm correctly seeing only the first as you can see here: 

http://img713.imageshack.us/img713/5479/resultzc.png