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Did Time Zone Support in iCal get broken with update?

Since updating to iOS 5.0, I've lost the ability to turn off time zone support in calendars. It used to be that if I did, the calendar APP would not adjust the times in the calendar according to my current time zone. Now it does. That is AWFUL, and it seems to be a bug (why else would you have the option in preferences to turn off "Time Zone Support"? Is this fixed in 5.0.1? And if not, can someone please fix it for 5.0.2?