Smart UV Project stretches faces

I’m trying to use Smart UV Project on a model I’ve done, (45° threshold, 0.1 island size, 1.0 weight), but some of the faces have come out ridiculously stretched. I’ve tried added some seams and unwrapping, but I get the same result.
I’ve attached the .blend, anyone have any suggestions?

Attachments

Spanner-finished.blend (502 KB)

Each of your objects axes has a different scale value You scaled the object in object mode rather than in edit mode. To get a proper unwrap these must all be reset to 1 (in object mode Ctrl+A / scale)

I just created a new file, and recreated some of the most badly-affected areas, with proper scaling, but I have the same problem. Same settings for the Project, and the same problem. I’ve attached a screenshot to show the issue.

EDIT: Tried the same thing in Blender 2.4, works fine. Is this a bug?

Attachments

Test.blend (445 KB)