Material alpha property not animated in preview

I’m animating object material’s Alpha property with an F-Curve and it works fine when the picture is rendered. However, the alpha transition is not visible in the preview. I can see the changes in transparency when I adjust the property by hand, so it’s not a matter of preview view settings.

Is there any way to make the alpha animation to show up, or is this a known bug?

Here’s an example project file: dl.dropboxusercontent.com/u/5753422/blender/spline1.blend

I’m also seeing this issue, would be good to be able to preview the animation.