inconsistency between mergeinfo records

Hi,

I'm wondering why there is a difference in how mergeinfos are recorded
based on whether the merge is done using --record-only or not.
To demonstrate the case, I've put together a repro-script (for Windows -
see attachment).

My question is that why does the last step in the script produce
different merge-info properties:

1. svn merge file:///C:/test/test2/A B
This will produce mergeinfo in B

2. svn merge file:///C:/test/test2/A B --record-only
This will produce mergeinfo in B and B/test.txt

Looking through the web, the docu and the SVN buglist I couldn't find
any matching entry. Maybe someone can point me on where to look for an
explanation?

I'm wondering especially because as an alternative to variation 2, one
might also follow variation 1 and then revert all changes (except for
the recorded mergeinfo B). Isn't the outcome then the same as variation 2?

Regards,
Stefan