Conditional Fields not working with Field Collection in D7

I am trying to use Conditional Fields to create dependencies among fields within a Field Collection in D7 and it does not work. In the Dependencies configuration page for the Conditional Fields module, I can actually see all the Field Collections I created and set up the dependencies between the fields in my Field Collections just fine. But when I go to the edit page for a Field Collection, the dependencies I set up don't work. There is no error message, but nothing happens as if I have not set up any dependencies.

I am using the 7.x-1.x-dev version of Field Collection from July 4, 2011. Any help in solving this issue would be very much appreciated. (I also had the same issue with Conditional Fields not working with the Profile2 module in D7, and I created a separate issue report for that.)