An unavoidable cyclic dependency ?

In 2.61 (since the 2.62 VSE still seems broken for audio), I have a simple plane with subdivisions acting as a particle emitter. I specified an Object particle, an Mball, since I want a stylized paint splash and mballs glom together nicely for that. Object names are: PaintSplash (the emitter) and Mball (obvious).

Setting up as I have for many other emitters (including ones using an Mball as an object particle), I first tested the particle system as standard particles (not object), got things looking OK, assigned the Mball as my particle object, tweaked, baked, and although things look a bit weird in the UI sometimes (globules all over the place, that don’t render), the rendered images looked OK. Then I opened the console window and noticed a reported cyclic dependency:

“PaintSplash depends on Mball though Particle Object Visualization.
Mball depends on PaintSplash though Particle Object Visualization.”

I seem to be able to remove the dependency by not using the “Rendered” option in the Particle system Display section – Point, for example, doesn’t show the error message. But then, I can’t see in the UI how the particle Mballs are interacting with one another.

So why the dependency? I can understand why the Mball might be dependent on the particle emitter, but the other way 'round as well? Doesn’t make sense. Nor do I recall encountering this in earlier versions.

I’ve also discovered that the “Display” options apparently affect the rendering as well as how the particles look in the UI. If I enable “Rendered” in the Display options, the particles render OK, but if I select “Point,” they don’t render at all. My impression was that these options only affect how the particles look in UI, so you can play their animation in real time without dragging down the FPS. Do I smell bug on this?