I'm currently using version 2.5 and everything works fine.
In a blog project I'm using qTranslate 2.5.25 for multilanguages post/pages (4 languages, yes four! :-)). I can give 4 different titles to the same page.
When I edit/add a page this activity get regularly registered by ThreeWP Activity Monitor but the %post_title_with_link% is shown as a very long string made up of the 4 single titles one after the other (!)
This is quite disturbing because page titles can be even longer, and each activity-action line becomes so full.
So I took a little peek to the code and made a small editing that will temporarily solve my problem, not knowing if this is something that is planned to be take care of in next versions.
The "solution" adopted is simple: I just used core WP's __( ) function for $post_data->post_title (lines 1079 and 1087). This function gets somehow "overriden" by qTranslate so that only one title is shown (in the backend's selected language).
I tested it also on a single-language blog (no qTranslate) where the __( ) function works as usual, not translating anything.
Hope this can be a little suggestion for developers to take this aspect into consideration.