Text wraps with \w at wrong position if colors used

[alexander]

Configuration Information [Automatically generated, do not change]:
Machine: i686
OS: linux-gnu
Compiler: gcc
Compilation CFLAGS:  -DPROGRAM='bash' -DCONF_HOSTTYPE='i686' 
-DCONF_OSTYPE='linux-gnu' -DCONF_MACHTYPE='i686-pc-linux-gnu' 
-DCONF_VENDOR='pc' -DLOCALEDIR='/usr/share/locale' -DPACKAGE='bash' -DSHELL 
-DHAVE_CONFIG_H  -I.  -I. -I./include -I./lib   -O3 -fomit-frame-pointer 
-march=athlon-xp -pipe
uname output: Linux server 2.6.7-ck5 #3 Mon Jul 26 23:12:12 CEST 2004 i686 AMD 
Athlon(tm) XP 2000+ AuthenticAMD GNU/Linux
Machine Type: i686-pc-linux-gnu

Bash Version: 3.0
Patch Level: 0
Release Status: release

Description:
Gentoo Linux ships a /etc/profile which sets the PS1 like this:
        export PS1='\[\033[01;32m\]\u@\h \[\033[01;34m\]\W \$ \[\033[00m\]'
This adds some coloring to the prompt. With a PS1 containing ANSI escapes
like the ones shown above, the prompt wraps in \W (or \w) at the wrong
position.

Repeat-By:
As a user, do:
shopt -s checkwinsize
mkdir 
/tmp/123456789a123456789b123456789c123456789d123456789e123456789f123456789g123456789h123456789i123456789j123456789k123456789l
cd 
/tmp/123456789a123456789b123456789c123456789d123456789e123456789f123456789g123456789h123456789i123456789j123456789k123456789l

If I do that, I see this output:
alexander@server 
123456789a123456789b123456789c123456789d123456789e123456789f12345678
9g123456789h123456789i123456789j123456789k123456789l $

Here, the text is wrapped AFTER the "45678" and before the "9g". "45678" 
is already on the 2nd line of output.

What should happen, is that there should be NO wrap after the 45678 and 
that the 9g is on the 2nd line of output.

Fix:
Two "solutions":
a) Remove the ANSI escapes from the PS1
b) Downgrade to bash 2.05; IOW: in bash 2.05, the problem did not exist.