Setting TMOUT for select is broken?

[Pierre Gaston]

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='$
uname output: Linux pgas-laptop 2.6.35-24-generic #42-Ubuntu SMP Thu
Dec 2 01:41:57 UTC 2010 i686 GNU/Linux
Machine Type: i686-pc-linux-gnu

Bash Version: 4.1
Patch Level: 5
Release Status: release

Description:
  when TMOUT is set, select just redisplay the menu, nothing is
executed, the select never exits.

Repeat-By:
  bash -c 'TMOUT=1;select f in f b;do echo foo;done'