Effects not working for components with depth > 0

Steps to reproduce:

1. Run the mxml from the attached project testanimationwithdepth.fxp.
2. Click on the first button on the top: this plays a move effect on a button which has depth=0. This works as expected.
3. Now click on the second button: this plays a move effect on a button which has depth=1. This has no visible effect.

Actual Results:

Animation effects are expected to work for components with any depth.

Expected Results:

Animation effects seem to only work for components with depth=0.

Reproduced with build 12685.

Workaround (if any):

None found.