P: LR4 RC2 Differences in rendering in Library and Develop modules

The rendering of a photo in develop is sometimes less saturated than it is in library.

To reproduce:

Select a CR2 file in library with loupe view on a second monitor.
Switch to develop, the saturation decreases slightly.
Switch to library and the saturation increases slightly.
Switch back to develop and the saturation remains the same
Move the contrast to 10 and then back to 0 and the saturation decreases.

A sequence of screen shots shows the effect.