Just upgraded to WordPress 3.4.1 (from 3.4) on my development system this morning.
I'm developing a template for a client and all of a sudden, the text in the footer won't change. After a bit of hunting, I found the text in the ha_options table of the database. It wasn't being updated when i uploaded the modified template.
Yesterday with 3.4 this was working fine.
I've got round the problem by manually deleting the content, but others may not want/be able to do this