Time display in iCal - 12 & 24 hour

Has everyone / anyone else noticed the odd display of times in the new iCal?

My system setting is for a 12 hour clock and times that are displayed with minutes (e.g. 7.30) are shown correctly (i.e. 7.30 AM or PM), however 8 PM is displayed as 20 - and not even 20.00. Times on the hour are flipped into the 24 hour clock, times not on the hour display properly. Odd. Roll on OS 10.71