The bug is easy to observe, just open an sRGB document, load sRGB as the soft proof and put on the OOG overlay. Depending on the image content, you'll see the overlay which you should not.
I seriously doubt this will be fixed. It's low hanging fruit and besides, after the release of Photoshop 5 (NOT CS5), OOG wasn't necessary even without the bugs as we had soft proofing.
What I would like Photoshop to do is use the OOG preview to show us the differences between our display gamut and the working space, something LR does if you load a working space for soft proofing. At least you can observe what colors fall outside display gamut. Would make showing people what a wide gamut display brings to the party. Otherwise, OOG overlay is IMHO just short of useless. Now if some day we could have the OOG treat the overlay in a user defined scale: make colors way out of gamut or if you prefer, dE of 0-1 be yellow, 2-5 be green, anything over 6 red and so forth, as ColorThink does that could be somewhat useful.