FAPI #states: required span added multiple times

I'm not sure that this is an actual regression of #735528: FAPI #states: Fix conditionals to allow OR and XOR constructions but some of the code that was added in that issue is part of the problem. So marking as a regression.

Situation: I have created a field formatter settings form that contains a.o.:

  $name_prefix = 'fields[' . $field['field_name'] . '][settings_edit_form][settings]';
  $element = array();
  $element['setting1'] = array(
    '#type' => 'select',
    '#title' => t('Title'),
    '#default_value' => $settings['setting1'],
    '#options' => array(
      'a' => t('A'),
      'b' => t('B'),
      'c' => t('C'),
      'd' => t('D'),
    ),
    '#required' => FALSE,
  );
  $name = $name_prefix . '[$setting1]';
  $element['setting2'] = array(
    '#type' => 'textfield',
    '#title' => t('Title2'),
    '#default_value' => $settings['setting2'],
    '#required' => $settings['setting1'] === 'c' || $settings['setting1'] === 'd',
    '#states' => array(
      'enabled'  => array(":input[name='$name']" => array(array('value' => 'c'), array('value' => 'd'))),
      'required' => array(":input[name='$name']" => array(array('value' => 'c'), array('value' => 'd'))),
    ),
  );

Bug:
On changing the field to either C or D, 3 red stars appear.

Remarks:
- Firebug does not pick up the loading of states.js (probably because it is loaded as a by result of processing the result of the ajax call), so I could not debug it, other than using console.log.
- On opening the field formatter settings form on the "manage display" screen for the field at hand, I can see that the same event is bound 4 times:
Added logging in states.js

  initializeDependee: function (selector, dependeeStates) {
        ..
        // Monitor state changes of the specified state for this dependee.
        console.log("binding state:" + state + " on " + selector);
        $(selector).bind('state:' + state, $.proxy(function (e) {
          console.log("event handler for state:" + state + " on " + selector);
          this.update(selector, state, e.value);
        }, this));

        // Make sure the event we just bound ourselves to is actually fired.
        new states.Trigger({ selector: selector, state: state });
      }
    }
  },

- console log after opening formatter settings form and after selecting option c:

8 lines of:
binding state:value on :input[name='fields[field_book_now][settings_edit_form][settings][setting1]']

8 lines of:
event handler for state:value on :input[name='fields[field_book_now][settings_edit_form][settings][setting1]']
8 lines of:
binding state:value on :input[name='fields[field_book_now][settings_edit_form][settings][setting1]']

- Looking at the code in initializeDependee:

  initializeDependee: function (selector, dependeeStates) {
    ...
    for (var i in dependeeStates) {
      if (dependeeStates.hasOwnProperty(i)) {
        state = dependeeStates[i];
        // Make sure we're not initializing this selector/state combination twice.
        if ($.inArray(state, dependeeStates) === -1) {
          continue;
        }

$.inArray(state, dependeeStates) will always equals i, so this code, introduced by #735528: FAPI #states: Fix conditionals to allow OR and XOR constructions, tries to achieve something in the wrong way.

However, looking a this code I have no idea what it should be. So I would like to ask those who wrote and reviewed this code to chime in and have a look at it as well.