12th October 2011 Update: Looks like I was correct in assuming it would affect other browsers as I now see reports of this happening in other browsers like safari, and firefox.
7th May 2011 Update: I think I found the point at which bug was introduced, and it’s related to HTML5. See http://www.html-5.com/tags/button-tag/index.html for details. Original post is below, but if I’ve understood the issue, I wonder if that means it’ll affect newer browsers when they update, if this is a part of the html5 standards?
I saw some code recently that looked like a little like this (greatly cut down version that highlights the key points):
Testing formAction in Chrome
I've not seen any mention of this behaviour on any other site, so thought I would post it just in case someone else runs into this similar gotcha.