Global Texture Mapping - Incorrect Display in Editor?

I’m trying to globally map some textures to different faces of a cube, and I’ve noticed that the editor doesn’t show accurate mapping but the render does.

If you look at the faces parallel to the Z axis, they display the texture incorrectly in the Material view.

Is this a bug in Blender, or is there something I can change in the User Prefs (or elsewhere) to get this to display correctly? I’ve attached the .blend below, any help is much appreciated.

Texture Test.blend (588 KB)

You’ll only have UV mapped image textures show correctly in material or textured view

Gotcha; thanks!