Brightness controls don't work. It never fails to enter Target Displaly mode when connected (via my Monoprice displayport-to-diplayport cable) to my MBPr's Thunderbolt port. It does NOT enter Target Display mode if connected (via the same cable) to my Thunderbolt Cinema Display's TB port, but I assume that's expected.
Oddly, Brightness controls are working after yet another Shut Down / Safe Boot / Restart cycle. The only difference between the latest cycle and the previous couple attempts: I accidentally left the displayport cable connected between iMac and MBPr-attached TB Cinema Display, and tried to put it into Target Display mode in while in Safe Boot, then again after restart. When the latter failed, I realized the cable was still plugged into the Cinema Display. Plugged it directly into the second TB port on the MacBook, put it in Target Display, and found the brightness controls are working again.
I've been running this setup long enough to know that the brightness controls won't work if, when I switch to Target Display mode, the iMac's screen doesn't automatically (and immediately) adjust itself to something dimmer than "blindingly bright."