Also, whilst trying to re-create the problem, I discovered a different (PM) bug.
Yep, I can confirm that. My current guess is that factoring out the display of the reputation managed to have the reputation being fetched in a context such that it is being fetched from the wrong thing. Though my quick attempts to guess at what that wrong thing might be failed, so I could just be wrong.
Update: Okay, trying again in a context where I had more access to information, my first guess was actually right.