I updated several sites this past week to 3.4, updated their themes, made some new child themes, all without issue. Good!
The last site I needed to update was chadmlorion.com.
This site was using the Easel theme (v 2.07). At the time, I was being prompted in the dashboard that there were updates for WP and my theme.
After I did the auto-update to 3.4, the prompt to update to the latest version of Easel disappeared and the drop down menus broke, did not function anymore.
I have reverted the site with a backup and it is working again as designed, but would like to understand why an update to WP3.4 would alter the update status of a theme. Is it due to known issues??
Note, now that I am back on WP3.3.1, the update your theme prompt is back.