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I had a 7.1.1 installation (cannot remember if fresh, or updated from 7.1) which I updated to what I suppose is 7.1.2 by accepting all updates. For example, it has Ant 1.8.3 according to Tools > Options, spec version 3.49.2.2 according to log, which was a 7.1.2 fix (bug #208147). But the splash screen and so on still say "7.1.1". In fact if I check release71_fixes sources, ide.branding/core.windows/src/org/netbeans/core/windows/view/ui/Bundle_nb.properties shows "7.1.2" as expected but ide.branding/manifest.mf is still at 1.18.1 - i.e. the update was never pushed. Not sure if you want to hotfix this now for 7.1.2 users (should be trivial but requires a bit of QA), or just wait to do it right for 7.1.3 (set ide.branding spec to 1.18.3).
No, this is really as design now. we are working on a new way to push "I have 7.1.1 with Patch2" information to our users, see http://wiki.netbeans.org/NetBeans71PatchingProcessReview
*** This bug has been marked as a duplicate of bug 208627 ***