Field formatter settings for multi-value fields broken

Somewhere between 7.x-1.6-rc1 and 7.x-1.6 the field formatter settings for multi-value fields was broken. I have a multi-value field with 2 values, and using Panelizer and field formatters I want to display the first value in one pane and the second in another pane. In the second pane's Formatter Styles I choose Skip the first 1 items. Prior to 7.x-1.6 this was working: the field's second value was shown in the pane. After upgrading to 7.x-1.6 nothing is displayed in the second pane.