Concert pitch plays incorrect pitches for transposing instruments (regression)

(Using r.1749 self-built, Windows XP)

1. Create new score for a transposing instrument (such as Bb Trumpet or Horn
2. Add notes (notice playback is at the correct pitch)
3. Click on "Concert Pitch"
4. Press play

Expected behavior: In concert pitch all notes should play as written

Actual behavior: Instrument transposition seems to still be in effect making the sounding pitch incorrect during playback.