Yes, as Aslow says, it's real, and still mysterious. His finding that there must be notes in the lookback region for controllers, including patch changes, to be read, may be significant, though I still think there are other issues.
Also, despite many naysayers, I think the disappearance of controller values in PRV after a period of time indicates a lookback problem too.
It is a PITA because you can be working on a project, in the middle somewhere, and be hearing a different set of controllers/patch changes than will be used if the project is played or rendered from the beginning.