We have some magic code to construct the version string out of the version elements in the form, and to set release node titles to [project_short_name] [version_string]. However, this code lives in a validation callback (not sure why?), not in the submit handler. So, if you create something like 6.x-1.0-alpha1, preview, then change the version_extra field to "beta1", when you submit the release, it's got "beta1" in version_extra, but the version string and title still say "6.x-1.0-alpha1".
We never see this on d.o, since no one can set these version elements manually -- they're defined by the CVS tag you select on the first page of the form (which is altered by cvs.module). But, this is a bug for other users of project_release.
It's kinda dumb to do this during validation, we should just do it on submit... I'll have to try to track down why we're doing it this way, if possible.