Update 5300 in Location Views is ineffective

I upgraded to 5.x-3.0-rc2 on a site that had been languishing in the land of 5.x-1.x for too long. I happened to notice that the SQL produced for update 5300 of Location Views was this:

UPDATE system SET weight = 1 WHERE name = '%s' AND type = '%s'

Looking under the hood, I found that location_views_update_5300 tries to use string substitution when invoking update_sql (which is probably how it should work, but not how it actually does, as you know).

Seeing that this code has been hanging out like this for 7 months now, it seems to have gone unnoticed, so I thought you'd like to know.